BP (BP) Q3 2026 (Q&A) earnings summary

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%.