2/10/2025
BP
BP reported relatively disappointing results, with reported production up only 2% to 2.36 mmboed. This was net of divestments and acquisitions, with “underlying” (i.e. consistent-basis) production slightly better at an approximate 2.8% increase. They are guiding to declining reported 2025 oil and gas production, but "broadly flat" and "lower" gas underlying production.
BP reported almost no regional and field-specific information, though they did note that Eagle Ford refracs and downspacing were resulting in more production than the original well bores, with “triple-digit returns”. In addition, they are considering increasing gas-focused rigs due to superior returns in the current pricing environment.
BP has teased a significant new direction to be announced in their Capital Markets update to be held on 26 Feb without mentioning any specifics.
