Integrated supermajor: upstream anchored by bpx Permian (US shale oil), Gulf of Mexico deepwater (Thunder Horse, Mad Dog, Argos), Azerbaijan ACG oil and Shah Deniz gas, Trinidad gas, a large global LNG portfolio and Iraq/Middle East positions; plus downstream refining/marketing (Castrol, retail) and a low-carbon arm being trimmed. The ~19.75% Rosneft stake was written off in 2022 (~$24bn) on exit from Russia.
BP carries higher net debt/gearing than Exxon, Chevron or Shell, constraining buyback pace; the Feb-2025 strategy reset under CEO Murray Auchincloss reverses the 2020 Beyond Petroleum plan — raising oil & gas investment, cutting renewables spend and targeting ~$20bn of divestments — accelerated by Elliott's activist stake.
Its EV/EBITDA of 6.2x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 8.8% is higher than the 6.5% median, and at $28.14/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, BP scores 38/100, strongest on valuation (48/100). Sub-scores: value 48, quality 27, growth 30, risk 61 (higher = riskier).
BP holds approximately 6.19 billion boe of proved (1P) reserves with FY2025 production of about 2,312 thousand boe/d (58% liquids), a reserve life of roughly 7.3 years. Break-even: ~$40/bbl (cash balance point (Brent)) — Brent price at which post-dividend operating cash flow covers organic capex; among lower supermajor breakevens but reliant on divestment proceeds to hold gearing.
Using BP's SEC-disclosed after-tax standardized measure of proved reserves ($70.0bn) less net debt ($22.2bn) gives an equity-NAV floor of about $47.8bn — the current market capitalisation sits +136% versus that floor. Disclosed pre-tax PV-10: —. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Proved-only NAV floor: omits downstream (Customers & products refining/retail/Castrol), midstream/trading, LNG marketing value and all low-carbon/renewables.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 30% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Other | 17% | 50 | diversified/unspecified exposure — universe-average proxy |
| Azerbaijan | 12% | 64 | Autocratic; pipeline geopolitics, Nagorno-Karabakh conflict overhang. |
| Middle East (Iraq/Oman/UAE) | 12% | 96 | Security, payment arrears, tough TSC terms, political instability. |
| Trinidad & Tobago | 8% | 44 | Mature gas, declining reserves, cross-border Venezuela deals. |
| Egypt | 6% | 84 | FX shortages, arrears to IOCs, gas payment delays. |
| Asia (India/Indonesia) | 6% | 56 | Regulatory complexity, pricing controls, import dependence. |
| Angola | 5% | 76 | High debt, FX/repatriation risk, mature declining fields. |
| Mauritania/Senegal | 4% | 76 | Frontier gas (GTA); institutional capacity, cross-border split. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| bpx Permian (Delaware/Midland) | United States | Onshore oil/gas | Core growth engine; low-cost shale oil |
| Gulf of Mexico (Thunder Horse, Argos, Kaskida) | United States | Deepwater oil | High-margin barrels; Kaskida FID (2024) opens Paleogene play |
| ACG (Azeri-Chirag-Gunashli) | Azerbaijan | Offshore oil | Long-life cornerstone; ACE platform extends plateau |
| Shah Deniz | Azerbaijan | Offshore gas | Feeds Southern Gas Corridor to Europe/Turkey |
| Tangguh LNG | Indonesia | Gas/LNG | Train 3 expansion; core Asia-Pacific LNG supply |
| Greater Tortue Ahmeyim (GTA) | Mauritania/Senegal | Offshore gas/LNG | Phase 1 online; new cross-border LNG hub |
| Rumaila | Iraq | Onshore oil | Very large low-cost technical-service field |
| Trinidad gas (Cypre, Ginger) | Trinidad & Tobago | Offshore gas | Backfills Atlantic LNG and Caribbean supply |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 2200 | 2320 | 2320 | 2360 | 2312 |
| Proved reserves (bnboe) | 7.00 | 6.90 | 6.80 | 6.80 | 6.19 |
| Revenue ($bn) | 164.0 | 248.0 | 213.0 | 195.0 | 192.5 |
| EBITDA ($bn) | 30.0 | 49.0 | 41.0 | 38.0 | 28.2 |
| Net income ($bn) | 7.6 | -2.5 | 15.2 | 0.4 | 7.5 |
| Free cash flow ($bn) | 12.0 | 20.0 | 16.0 | 9.0 | 10.0 |
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✓ FY2025 figures verified against primary sources: