BAKU, Azerbaijan, August 5. bp reported a profit attributable to shareholders of $1.6 billion for the second quarter of 2025 and $2.3 billion for the first half of the year, compared to a loss of $0.1 billion and a profit of $2.1 billion in the same periods of 2024, the company said in its financial results, Trend reports.
After adjustments for inventory holding losses and net impact of adjusting items, underlying replacement cost (RC) profit stood at $2.4 billion for the second quarter and $3.7 billion for the half year. This compares to $2.8 billion and $5.5 billion respectively in the same periods of 2024, reflecting a year-on-year decline.
bp attributed the drop in Q2 underlying RC profit mainly to lower liquids realizations, partially offset by a stronger performance in customer operations and oil trading. The gas marketing and trading result for the quarter was described as average.
For the half year, the fall in underlying RC profit was primarily due to lower refining margins, reduced liquids realizations, and a weaker gas marketing and trading result, although these were partially offset by the absence of the Whiting refinery outage and improved customer business performance.
Underlying operating expenditure for the half year was slightly lower compared to the same period in 2024, as structural cost reductions helped offset the impact of growth and inflation.
Adjusting items had a net adverse pre-tax impact of $0.7 billion in Q2 and $1.1 billion for the half year, significantly lower than the $3.1 billion and $4.3 billion seen in the respective periods of 2024.
The second quarter and half year of 2025 also included favourable fair value accounting effects of $0.6 billion and $1.5 billion respectively, compared with adverse effects of $1.0 billion and $1.2 billion in the same periods of 2024. This improvement was driven by stable LNG forward prices in Q2 2025, in contrast to rising prices in Q2 2024 and falling prices in early 2025 compared to increases in early 2024. Fair value adjustments related to hybrid bonds also had a positive impact in 2025, reversing negative effects recorded in 2024.
At the same time, asset impairments had an adverse pre-tax impact of $1.1 billion in Q2 and $1.6 billion for the half year, compared with $1.3 billion and $1.9 billion in the corresponding periods of 2024.