Strong Financial Performance
BP reported underlying pretax earnings of $5.3 billion and underlying net income of $2.2 billion for Q3 2025. Operating cash flow reached $7.8 billion, supporting their growth target for adjusted free cash flow growth of 20% CAGR from 2025 to 2027.
Operational Excellence
Upstream production increased by around 3% quarter-on-quarter, with upstream plant reliability at 97%, leading to upgraded full-year production guidance. Refining availability was also close to 97%, marking the best quarter in 20 years for the current portfolio.
Successful Exploration and Discoveries
BP started 6 new oil and gas projects in 2025, with 12 exploration discoveries so far this year, including the significant Bumerangue discovery in Brazil.
Downstream and Customer Growth
Underlying earnings in the first 9 months of 2025 were around 40% higher than the same period in 2024. The customer segment delivered its highest 3Q on record, with refining capturing a better margin environment.
Cost and Portfolio Management
BP is making good progress on derisking its $20 billion divestment proceeds target and remains disciplined with capital investment, keeping organic CapEx on track to be below $14 billion.
Technological Advancements in Exploration
BP is leveraging seismic technology, NVIDIA chips, and AI to significantly improve exploration success rates, with 12 out of 14 successful discoveries this year.