BP PLC's (LSE:BP..) first-quarter underlying profits came in well below forecasts, with higher debt and a smaller share buyback than expected.
The oil and gas giant's underlying replacement cost (RC) profit for the first three months of 2025 was $1.4 billion, down from $2.7 billion a year ago but up from $1.2 billion from the previous quarter despite lower oil prices as the period saw a lower impact from turnaround activity.
Underlying earnings of 8.75c a share, up from 7.36c in Q4 last year but down from 16.24c in Q1, were a long way from the 10.1c average analyst estimate.
Operating cash flow was $2.83 billion, down from $7.4 billion in Q4 and also below the $4.27 billion consensus forecast, and net debt rose to $26.97 billion from just under $23 billion, worse than the $25.1 billion expected.
A planned share buyback of $750 million was at the low end of previous guidance.
CEO Murray Auchincloss said the group had made "significant progress" since February's announcement of a strategy reset to grow the upstream business and invest less in the energy transition.
"We continue to monitor market volatility and changes and remain focused on moving at pace. I'm confident that our plans to strengthen the balance sheet, reduce costs, and improve cash flow and returns will grow long-term shareholder value and strengthen the resilience of BP," he said.
BP was also reported to have announced separately that the head of strategy, Giulia Chierchia, will leave in June and will not be replaced. She was one of the targets for activist investor Elliott Investment Management.