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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
BP (BP) investor relations material
BP Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading update summary14 Jan, 2026
Group performance and production
Reported upstream production for Q4 2025 is expected to be broadly flat versus the prior quarter, with oil production & operations stable and gas & low carbon energy lower.
Gas & low carbon energy segment realizations are expected to negatively impact results by $0.1–0.3 billion, with gas marketing and trading results expected to be average.
Oil production & operations segment realizations are expected to have a negative impact of $0.2–0.4 billion, mainly due to price lags in the Gulf of America and UAE.
Customers & products and trading conditions
Customers segment faces seasonally lower volumes and flat fuels margins; products segment expects stronger refining margins (~$0.1 billion), offset by higher turnaround activity and reduced capacity from a Whiting refinery fire.
Oil trading result is expected to be weak.
Brent crude averaged $63.73/bbl in Q4 2025, down from $69.13/bbl in Q3; US Henry Hub gas averaged $3.55/mmBtu, up from $3.07/mmBtu.
BP RIM averaged $15.2/bbl in Q4 2025, slightly down from $15.8/bbl in Q3.
Financial impacts and guidance
Q4 results will include post-tax impairments of $4–5 billion, mainly in transition businesses within gas & low carbon energy, excluded from underlying replacement cost profit.
Net debt at Q4 end is expected at $22–23 billion, down from $26.1 billion in Q3, reflecting $3.5 billion in divestment proceeds.
Underlying effective tax rate for FY25 is expected to be around 42%, up from previous guidance of 40%, due to changes in geographical profit mix.
Full-year divestment proceeds are around $5.3 billion, exceeding previous guidance of above $4 billion.
Drivers of $4-5bn transition business impairment
What drove the significant net debt reduction?
Implications of higher FY25 effective tax rate?
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Next BP earnings date
Q4 202510 Feb, 2026
Next BP earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
A Massive Player in Oil
British Petroleum, or BP for short, is one of the world's largest oil and gas companies and has played a crucial role in powering the global economy for over a century. Known for its extensive operations in all areas of the oil and gas industry, BP is a multinational giant that is one of the cornerstones of global energy production. The company is often included in the list of “supermajors” within its industry, and their reach and influence is vast.
Over 100 Years in the Industry
BP's journey started in 1908 when the first large oil field was discovered in Persia (modern-day Iran). Originally known as the Anglo-Persian Oil Company, the company's history is deeply intertwined with the development of the global oil industry. Over the years, BP has survived many tumultuous events, including two World Wars and the nationalization of its assets in several countries during the 70s. Despite these challenges, the company has continued to grow and expand, shaping and adapting to the evolving global energy landscape and various political and regulatory realities.
Not Just Oil and Gas
BP's business operations span the entire oil and gas industry. The company is involved in the exploration and production of oil and gas and the refining of said products. They’re also active in distribution and marketing, petrochemical production, and power generation. BP also has a growing presence in the renewable energy sector, with investments in biofuels, wind power, solar energy, and carbon capture technologies. BP is one of the largest oil and gas companies in the world and competes on the global stage against names like ExxonMobil, Shell, Chevron, and others.
A Vast Network of Gas Stations
BP's retail operations are a key aspect of its global business model, bringing its products and services directly to the consumer. Currently, the company operates over 18,500 service stations worldwide, and some of these are operated in partnership with well-known fast-food franchises. These locations offer more than just fuel services; they often include convenience stores providing groceries, fast food, car care products, and other retail items, catering to a wide range of consumer needs. Notably, many of BP's retail locations are equipped to support the growing demand for sustainable energy, with features like solar panels and electric vehicle charging stations.
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