英国石油公司（BP）2025年年度报告「LSE」（英文版）（396页）.pdf

1、bp Annual Report and Form 20-F 2025 Strong performance building for the futureOur investor propositionA simpler,stronger and more valuable bp,seepage 19.Our strategyWe are growing the upstream,focusing the downstream and investing withdiscipline in transition,see page 8.a This is on a price adjusted

2、 basis that assumes a hypothetical price environment of$70/bbl Brent,$4/mmBtu Henry Hub,and$10.3/bbl refining indicator margin(all 2024 real)and assumptions about the impact of these marker prices on underlying replacement cost profit before tax.b Following the outcome of the strategic review of Cas

3、trol,which resulted in the decision to divest a 65%shareholding,the$4-5 billion structural cost reduction target by end 2027,introduced atthe February 2025 Capital Markets Update,has increased.Adjusted free cash flow growth20%aadjusted free cash flow compound annual growth rate(CAGR)from 2024-27Net

4、debt$14-18bnby end 2027Structural cost reduction$5.5-6.5bnbby end 2027Return on average capital employed(ROACE)16%a in 2027Growing the upstreamFocusing the downstreamDisciplined investment in transitionProgress on our primary targets,page 8Our primary targetsImage:bp retail site,London,UKImage:Argos

5、 platform,USImage:bp bioenergy,BrazilStrategic reportAbout bp2Chairs letter4Interim chief executive officers letter5The operating environment6Energy outlook7Our strategy 8Our strategy in action9Consistency with the Paris goals10Our business model12Key performance indicators14Our financial frame18Our

6、 investment process20Group performance24Gas&low carbon energy28Oil production&operations31Customers&products34Other businesses&corporate36Sustainability37Climate-related financial disclosures(TCFD)41Our approach to sustainability 55Risk management and internal control60Principal risks and uncertaint