BP (BP) Q3 2025 (Q&A) earnings summary

Executive summary

• Delivered strong operational and strategic performance in Q3 2025, with underlying pre-tax earnings of EUR 5.3 billion ($2.2bn underlying RC profit), and net income of EUR 2.2 billion.

• Operating cash flow reached EUR 7.8 billion ($7.8bn), supported by working capital release and higher segment earnings.

• Upstream production increased by 3% quarter-on-quarter, with plant reliability near 97% and refining availability at 96.6%.

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

• Upgraded full-year underlying production guidance and continued focus on cost reduction and shareholder value.

Financial highlights

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

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

• Underlying downstream earnings for the first nine months up 40% year-over-year; underlying RC profit before interest and tax for customers & products: $1.7bn.

• 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.

• Upgraded 2025 production guidance after strong performance; 2026 guidance to be updated in February.

• CapEx guidance for 2026-2027 remains EUR 13-15 billion ($14-18bn), with flexibility to adjust based on market conditions.

• Q4 2025 upstream production expected broadly flat; oil production & operations slightly higher, gas & low carbon energy lower.

• Customers segment to see seasonally lower volumes; fuels margins remain sensitive to supply costs.