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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
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 summary13 Oct, 2026
3Q operating outlook
Reported upstream production expected at 2,190–2,240mboe/d vs 2,201mboe/d in 2Q; gas & low carbon energy 775–795mboe/d and oil production & operations 1,415–1,445mboe/d.
Gas & low carbon energy realizations expected to add $0.1–0.3bn QoQ; gas marketing and trading result expected significantly higher.
Oil production & operations realizations expected to reduce results by $0.2–0.4bn QoQ; exploration write-offs expected significantly lower, while DD&A slightly higher.
Customers expected significantly lower QoQ on weaker fuels margins, higher Castrol base oil prices and lower midstream contribution; seasonal volumes partly offset the decline.
Products expected to benefit from stronger realized refining margins of $1.9–2.1bn; throughput expected at 1,375–1,405mb/d vs 1,467mb/d in 2Q.
Financial outlook
3Q underlying effective tax rate expected around 30%, reflecting geographical mix of profits.
3Q net debt expected at $13.5–14.5bn vs $22.3bn in 2Q; drivers include $1.0bn hybrid redemption, higher income taxes, $0–1.0bn working capital release and ~$3.0bn capex.
Net debt, hybrid bonds, leases and Gulf of America settlement liabilities expected to fall by $9.0–10.0bn QoQ; remaining hybrid bonds and securities expected around $12.0bn.
Post-tax adjusting impairments expected at $3.0–4.5bn, primarily in gas & low carbon energy transition businesses; excluded from underlying RC profit.
Trading environment
Brent averaged $96.99/bbl in 3Q vs $103.85/bbl in 2Q; Henry Hub averaged $2.96/mmBtu vs $2.90/mmBtu; bp RIM averaged $46.7/bbl vs $29.6/bbl.
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Latest events from BP
- Q2 2026 saw profit surge to $5.7bn, net debt fall by $7bn, and portfolio streamlining advance.BP
Q2 2026 (Q&A) - Profit rose 78% to $5.7B as net debt fell and portfolio simplification advanced.BPQ2 2026
- Upstream output drops, but higher oil prices and margins drive earnings; net debt falls sharply.BPTrading update
- Profit rebounded to $3.8B on strong trading and refining, but outlook cautious amid Middle East risks.BPQ1 2026 (Q&A)
- Q3 2025 saw strong cash flow, record exploration, and disciplined capital management.BPQ3 2025 (Q&A)
- Q2 2024 saw strong cash flow, higher underlying RC profit, and increased shareholder returns.BPQ2 2024
- Targets >20% free cash flow CAGR, >16% ROACE by 2027, and $4–$5bn cost cuts.BPInvestor Update
- Upstream gains and cost cuts offset weaker refining, with robust shareholder returns in 2024.BPQ4 2024
- 2024 underlying RC profit fell 36% to $8.9bn, with $7bn in buybacks and 10% dividend growth.BPQ4 2024 (Q&A)
Next BP earnings date
Q3 202630 Oct, 2026
Next BP earnings date
Q3 202630 Oct, 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.