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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 Q3 2026 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 (Q&A) earnings summary30 Oct, 2026
Executive summary
Underlying replacement cost profit was $8.5bn in Q3, versus $5.7bn in Q2 and $2.2bn in Q3 2025; operating cash flow was $14.8bn.
Net debt fell $8.4bn QoQ to $13.9bn; financial obligations and instruments declined to $44.3bn from $53.6bn.
Priorities include strengthening the balance sheet, simplifying the portfolio, investing with greater discipline and improving operational performance.
Financial highlights
Q3 revenue was $68.4bn versus $48.4bn YoY; profit attributable to shareholders was $4.7bn versus $1.2bn.
9M underlying RC profit was $17.4bn versus $5.9bn in 9M 2025; operating cash flow was $28.5bn versus $16.9bn.
Q3 net impairments and losses on asset sales were $4.4bn, including $4.1bn of net impairments; 9M net impairments were $5.3bn.
Structural cost reductions totaled $4bn since end-2023; inflation added $1.5bn, acquired assets $800m and activity choices $700m to costs.
Outlook and guidance
Q4 upstream production guidance is 2,090–2,230mboe/d, reflecting Middle East disruption, activity phasing, seasonal gas demand and ~20mboe/d of Gulf of America weather impact, partly offset by outage recovery.
Q4 refinery throughput guidance is 1,160–1,210mb/d; Customers result is expected to be significantly lower QoQ, with seasonal volumes, lower midstream contribution and lower Castrol earnings.
FY2026 guidance: upstream production 2,210–2,250mboe/d; products throughput 1,390–1,400mb/d; capex $13.5–14.0bn; divestment and other proceeds ~ $8bn, including ~ $6bn from Castrol.
FY underlying ETR guidance is 31–34%; Q4 income taxes paid are expected to be ~$800m higher QoQ.
Q4 capex assumptions are $4–4.5bn; 2027 targets include adjusted free cash flow CAGR above 20% from 2024 and ROACE above 16%.
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Latest events from BP
- Q3 earnings and cash flow strengthened as net debt fell to $13.9bn.BP
Q3 2026 - Higher refining margins and lower net debt offset weaker customer results and impairment charges.BPTrading update
- Q2 2026 saw profit surge to $5.7bn, net debt fall by $7bn, and portfolio streamlining advance.BPQ2 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
- 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
Q4 20269 Mar, 2027
Next BP earnings date
Q4 20269 Mar, 2027
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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.