BP(US:BP) Haitong Securities International·2025-08-13 12:05Investment Rating - The report maintains an "Outperform" rating for BP, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [2][13][19]. Core Insights - BP's Q2 2025 performance is expected to be viewed positively by the market, with adjusted net income slightly exceeding consensus estimates at $1.629 billion, driven by strong performance across all business segments [2][3]. - The company has achieved a dividend per share of 8.320 cents, marking a 4% year-over-year increase, aligning with its annual dividend growth target of at least 4% [2][3]. - BP has reiterated its capital expenditure guidance for FY 2025 at approximately $15 billion, with asset divestitures progressing steadily, having completed $1.7 billion in asset sales in Q2 2025 [2][3]. Financial Performance Summary - BP's total revenue for Q2 2025 is projected at $46.627 billion, reflecting a 1% decrease year-over-year [5]. - Adjusted net income for Q2 2025 is forecasted at $1.629 billion, representing an 18% increase from the previous quarter but a 41% decline year-over-year [5]. - The adjusted diluted earnings per share for Q2 2025 is expected to be $0.90, a 70% increase quarter-over-quarter but a 10% decrease year-over-year [5]. - The natural gas and low-carbon energy segment reported adjusted operating income of $1.462 billion, exceeding expectations, while the oil production and operations segment also outperformed with adjusted operating income of $2.262 billion [3][5].