BP (BP) Q3 2026 earnings summary

Executive summary

• Q3 underlying RC profit was $8.5bn, up from $5.7bn in Q2; operating cash flow was $14.8bn and net debt fell $8.4bn to $13.9bn.

• Higher realized refining margins, gas marketing and trading, and improved operations supported earnings; $4.1bn of net impairments, primarily in transition businesses, weighed on reported results.

• Priorities include balance-sheet strength, portfolio simplification, disciplined investment, operational excellence and accountability; a strategy update is scheduled for 15 December.

Financial highlights

• Q3 underlying RC profit was $8.5bn versus $5.7bn in Q2 and $2.2bn a year earlier; IFRS profit attributable to shareholders was $4.7bn.

• Q3 operating cash flow was $14.8bn, including a $0.5bn adjusted working-capital release; capital expenditure was $3.0bn.

• Nine-month underlying RC profit was $17.4bn and operating cash flow was $28.5bn, versus $5.9bn and $16.9bn a year earlier.

• Q3 sales and operating revenues were $68.4bn; basic EPS was 30.19 cents and the dividend was 8.66 cents per ordinary share.

Outlook and guidance

• Q4 reported upstream production guidance is 2,090–2,230mboe/d, with Middle East disruption, seasonal gas demand, bpx activity phasing and Gulf of America weather among the factors.

• Q4 refinery throughput guidance is 1,160–1,210mb/d; Customers earnings are expected to be significantly lower QoQ on seasonal volumes, weaker midstream and lower Castrol earnings, subject to sale completion.

• FY2026 production guidance is 2,210–2,250mboe/d; capex is $13.5–14.0bn, divestment and other proceeds are ~$8bn, including ~$6bn from Castrol, and underlying ETR guidance is 31–34%.

• Q4 assumptions include $4–4.5bn capex and ~$7bn divestment proceeds; FY2026 Gulf of America settlement payments are expected at ~$1.6bn pre-tax, with timing of the $350m Louisiana settlement undetermined.

• Q4 income taxes paid are expected to be ~$0.8bn higher, mainly due to higher-profit instalment payments; DDA guidance remains $17.0–17.5bn.