BP PLC
For the period ended Dec 31, 2025. Filed Mar 6, 2026.
View on SEC.govAbout this filing
The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Mar 6, 2026
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Contents
Access to capital: While there is potential for
concerns about the energy transition to
impact banks’ or debt investors’ appetite to
finance hydrocarbon activity, we do not
anticipate any material change to funding in
the short to medium term. We are committed
to strengthening the balance sheet and
continue to target improving credit metrics
within an ‘A’ grade credit range. We reiterate
our primary target for net debt of $14-18 billion
by the end of 2027. Net debt decreased from
$23.0 billion to $22.2 billion during 2025.
Since the end of 2019 we have repurchased
around $26 billion of short-dated existing
bonds and issued over $12 billion of new bonds
with a duration of 20 years or longer, doubling
the duration of our debt book.
We provide further information on financial
frame elements related to capital expenditure,
balance sheet management and buybacks on
page 18.
We provide more detail on financial risk
factors, including liquidity risk in Financial
statements –Note 29.
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