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FINWIRES

BP Production, Refining Slips YOY in Q2

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BP (BP) produced 2.20 million barrels of oil equivalent per day in Q2, its results showed on Tuesday, down 6% from 2.34 mmboe/d in the year-ago period, in a quarter which, like its peers, saw output slip but profits surge due to the impact of the US-Iran war.

Refinery throughput fell to 1,467 million bbl/d from 1,527 bbl/d a year earlier, while refining availability slipped to 94.7% from 96.3% due to planned maintenance.

Recently-appointed CEO Meg O'Neill said that while progress had been made in a number of areas, the company has some way to go in terms of operational performance, portfolio simplification, strengthening the balance sheet and raising performance and accountability.

She noted that the company's costs and liabilities "are not resilient enough in a low price environment".

"Operationally, our plants didn't run as well as they did last quarter - upstream plant reliability was 92.4%, compared to 95.7%, and production was down and our refineries processed less crude," O'Neill said.

"This was due, in part, to planned maintenance and the conflict in the Middle East, but this is a reminder that we have more to do to deliver consistent operational performance."

Full-year guidance for upstream production is 2.18 mmboe/d to 2.27 mmboe/d, down from 2025's 2.31 million, while refinery throughputs have been estimated at 1.36 million barrels per day to 1.41 mmbbl/d, down from 1.44 million last year.

Capex will decrease from 2025 to $13.5 billion to $14 billion, versus last year's $14.5 billion as the company seeks to slow asset farm-downs.

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