BP (NYSE:BP) reported first-quarter results that missed analyst expectations and scaled back its share buyback program, leading to a more than 2% drop in its stock price intra-day today.
The British energy giant posted net income of $1.38 billion for the first quarter of 2025, falling 10% short of the $1.53 billion consensus estimate. Despite the earnings miss, operating performance was stable, with EBIT matching forecasts at $4.46 billion.
Cash flow from operations, excluding working capital changes, reached $6.2 billion—slightly above expectations—driven mainly by lower-than-anticipated cash taxes.
Looking ahead, BP expects upstream production to stay flat in the second quarter. However, the company warned of a sharp increase in downstream turnaround activity as it enters a heavier maintenance cycle, consistent with earlier guidance for a front-loaded year.
BP also adjusted its full-year plans, cutting capital expenditure guidance to $14.5 billion from $15 billion and projecting divestment proceeds between $3 billion and $4 billion, primarily weighted toward the second half of the year.