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 for the quarter was $7.8 billion, supporting a 20% CAGR growth target for adjusted free cash flow from 2025 to 2027.
Operational Excellence
Upstream production increased by approximately 3% quarter-on-quarter, with upstream plant reliability at 97%. Refining availability was also close to 97%, marking the best quarter in 20 years for the current portfolio.
Exploration Success
BP achieved 12 exploration discoveries in 2025, including significant findings in Brazil and Namibia. The Bumerangue discovery in Brazil is highlighted as the largest in 25 years.
Cost and Efficiency Improvements
Structural cost reductions have been achieved across various business units, including approximately $0.5 billion in the customer segment and $200 million in refining.
Progress in Divestment and Strategic Reviews
BP upgraded proceeds guidance, expecting around $5 billion from divestments. The company is progressing with strategic reviews of assets like Castrol, Gelsenkirchen, and Lightsource.