bp’s customers and products segment posted an underlying replacement cost profit of $1.3 billion in the fourth quarter, ending Dec. 31, down from $1.7 billion in the third quarter, the company announced on its earnings call Feb. 10. The decline was driven by seasonally lower volumes and weaker midstream performance, while fuel margins remained broadly flat.
- bp is No. 5 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count.
The customers and products segment, which includes bp’s retail fuel and convenience business, generated $36.5 billion in revenue globally in the fourth quarter of 2025, up from $36 billion a year earlier. Most of that came from oil products such as gasoline and diesel sold at bp stations and to wholesale customers, while non-oil products, including lubricants and other convenience items, made up a smaller share. Full-year revenue was $148.7 billion, lower than 2024, reflecting divestments and operational changes in some markets.
On the products side, profit fell $0.1 billion as higher refining margins were offset by lower throughput from planned maintenance, a temporary outage at the Whiting refinery, and weaker oil trading results. For the full year, bp posted $7.5 billion in underlying profit, with its customers business achieving the highest underlying earnings since 2019.
In the fourth quarter, the convenience and mobility customers segment recorded adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $1.49 billion, up from $1.17 billion in the same period last year.
Looking ahead, bp expects seasonally lower volumes in the segment in the first quarter of 2026 compared with the fourth quarter of 2025.
“2025 was a year of strong underlying financial results, strong operational performance and meaningful strategic progress,” said Carol Howle, interim CEO of bp and executive vice president, supply, trading and shipping. “We’ve made progress on our four main targets—growing cash flow and returns, reducing costs and strengthening the balance sheet—but there’s more work to do. We’re excited for Meg O’Neill to join as CEO in April as we continue building a simpler, stronger and more valuable bp for the future.”
bp’s Murray Auchincloss stepped down from his position as CEO and director of the board in December, and bp appointed Meg O’Neill as its new CEO, effective April 1.
In the company’s third-quarter earnings call, Auchincloss said bp is reshaping its retail network, ahead of schedule, to sell about 10% of its company-owned sites to target efficiency in key markets.
bp completed the sale of its Netherlands mobility and convenience and bp Pulse businesses in the fourth quarter, including about 300 retail sites and 15 EV charging hubs, as part of its strategy to prioritize divestments and strengthen the balance sheet.
While the company said in its second-quarter earnings call that it was cutting 6,200 office jobs by the end of 2026 as part of its ongoing restructuring, it did not mention the cuts on Tuesday’s call.
Global energy company bp, which has U.S. headquarters in Chicago, owns TravelCenters of America and convenience-store brands ampm and Thorntons in the United States.
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