BP expects Q3 reported upstream production to be ‘slightly lower’ vs. Q2

The company said, “Looking ahead, bp (BP) expects third quarter 2025 reported upstream production to be slightly lower compared with the second quarter 2025. In its customers business, bp expects seasonally higher volumes compared to the second quarter and fuels margins to remain sensitive to movements in the cost of supply. In products, bp expects, compared to the second quarter, a significantly lower level of planned refinery turnaround activity, partly offset by seasonal effects of environmental compliance costs. bp expects income taxes paid in the third quarter to be around $1B higher than the second quarter 2025 mainly due to the timing of instalment payments, which are typically higher in the third quarter each year. On 4 August bp elected to redeem $1.2B of its perpetual hybrid bonds, representing the remaining amount callable from June 2025. The hybrid bonds will be redeemed on 1 September 2025 using proceeds from bp’s November 2024 hybrid bond issuance.”