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BP tops Q3 profit expectations on higher refining margins and trading

By Reuters News


Overview

  • UK oil and gas giant topped Q3 adjusted net income expectations

  • Operating cash flow rose to $14.8 bln, supporting $8.4 bln net debt reduction

  • Company recognized $4 bln in impairments, mainly tied to transition businesses


Outlook

  • BP expects Q4 2026 upstream production of 2,090-2,230mboe/d

  • BP sees 2026 reported upstream production of 2,210-2,250mboe/d

  • Company expects 2026 divestment and other proceeds of around $8 bln


Result Drivers

  • REFINING AND TRADING - Co said higher refining margins and stronger gas and marketing trading drove improved Q3 results

  • OPERATIONAL IMPROVEMENTS - Co cited improved plant reliability and refining availability as contributing to performance

  • LOWER OPERATING COSTS - Co said reduced unit operating costs in refining helped unlock greater asset value


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted Net Income

Beat

$8.46 bln

$5.94 bln (9 Analysts)

Q3 Net Income

$4.70 bln

Q3 Capex

$3.04 bln

Q3 Dividend

$0.09

Q3 Net Debt

$13.87 bln

Q3 Operating Cash Flow

$14.83 bln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 8 "hold" and 2 "sell" or "strong sell"

  • The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

  • Wall Street's median 12-month price target for BP PLC is GBp650.00, about 4.1% above its October 29 closing price of GBp624.30

  • The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago


Reuters Recommended Reads

  • Oct 29 - Shell and Total post highest quarterly profit since 2022

  • Oct 29 - TotalEnergies third-quarter profit surges on refining income

  • Oct 28 - Equinor's profit doubles on soaring oil and gas prices, raises output target


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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