BP plc - ADR

Strong Operational Performance: BP reported a robust first quarter in 2025 with over 96% refining availability and 95% upstream plant reliability, supporting record operating efficiency. This operational strength is foundational for the company's ambition to reach a targeted capacity of 250 mbd by 2027, alongside six exploration discoveries, including significant finds in Namibia and Gulf of America.

Forecast for Cash Flow and CAPEX: BP anticipates a significant working capital reversal of about $2.5 billion through 2025, contributing to improved cash flows. The company has also reduced estimated capital expenditures (CAPEX) by $0.5 billion down to $14.5 billion for 2025, aligning with their commitment to efficiency and cost reduction.

Divestment Plans: The pace of divestments has been accelerated, expecting $3 billion to $4 billion in total divestments for 2025. The company has already completed $1.5 billion in divestment agreements in the first quarter. Opportunities for further divestment, particularly in retail and refining assets, are seen as favorable given the market interest.