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BP (BP) investor relations material

BP Q3 2025 (Q&A) earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 (Q&A) earnings summary4 Nov, 2025

Executive summary

  • Delivered strong operational performance and strategic progress in Q3 2025, with underlying pre-tax earnings of EUR 5.3 billion ($2.2bn RC profit) and net income of EUR 2.2 billion, supported by robust cash generation and disciplined capital allocation.

  • Upstream production increased by 3% quarter-on-quarter, reaching ~2.4mmboed, with plant reliability at 96.8% and refining availability at 96.6%.

  • Six major oil and gas projects started in 2025, four ahead of schedule; twelve exploration discoveries year-to-date, including the Bumerangue discovery in Brazil, the largest in 25 years.

  • Strategic divestments and cost reductions continued, with significant progress in Castrol, Gelsenkirchen, and Light Source reviews.

  • Shareholder returns remained strong, with $750m share buybacks in Q3 and a dividend per share of 8.32 cents.

Financial highlights

  • Underlying pre-tax earnings: EUR 5.3 billion; underlying RC profit: $2.2bn for Q3 2025; net income: EUR 2.2 billion.

  • Operating cash flow: EUR 7.8 billion ($7.8bn) in Q3 2025, including a $900m working capital release.

  • Downstream underlying earnings for the first nine months up 40% year-over-year; refining margins and availability improved.

  • Organic CapEx on track to be below EUR 14 billion (~$14.5bn) for the year.

  • Net debt at Q3 end: $26.1bn, broadly flat sequentially.

Outlook and guidance

  • Targeting 20% CAGR in adjusted free cash flow from 2025 to 2027; organic CapEx guidance for 2026-2027 set at EUR 13-15 billion (~$14-18bn).

  • Upgraded full-year underlying production guidance; Q4 2025 upstream production expected broadly flat.

  • Net debt target set at EUR 14-18 billion by end of 2027, down from EUR 26 billion.

  • 2025 full-year divestment proceeds now expected above $4bn; capital expenditure guidance remains at ~$14.5bn.

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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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