BP Ditches Buybacks for Production Growth Amid Financial Strains

BP has made a significant shift in its financial strategy by suspending buybacks, which totaled $4.5 billion in 2025. This move is aimed at repairing its shaky financial footing and bolstering its weakened finances.

The company's decision to prioritize production growth over shareholder payouts comes as it faces a net debt of $22 billion, which it hopes to reduce to the $14-$18 billion target by the end of 2027. BP's oil and gas production averaged 2.3 million barrels of oil equivalent per day (boed) in 2025, supported by the start-up of seven new projects.

The company has also made significant discoveries, including the giant Bumerangue discovery in offshore Brazil, which contains an estimated 8 billion barrels of oil.