BP’s fourth-quarter revenue rose from $45.8bn to $47.4bn, driven by increases in gas & low carbon and customers & products.
Underlying operating profit increased 9.3% to $4.4bn, in line with forecasts. The increase was down to a return to profit in customers & products which had been impacted by a refinery outage last year, and lower central costs. All other business lines saw profits fall, mainly reflecting lower commodity prices.
Free cash flow fell from $3.7bn to $3.4bn impacted by increased capital expenditure. Net debt fell $0.8bn to $22.2bn helped by higher levels of disposals.
BP declared a final dividend of $8.32 per share and has suspended buybacks.
Underlying production is expected to be broadly flat in 2026. Capital expenditure is expected to fall to between $13bn-$13.5bn (2025: $14.5bn), and disposals are expected to reach $9bn-$10bn.
The shares fell 4.1% following the announcement.
Our view
HL view to follow.
BP key facts
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This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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