Strong Operational and Financial Performance
BP reported underlying pretax earnings of $5.3 billion and underlying net income of $2.2 billion for the third quarter. Operating cash flow was $7.8 billion, supporting a growth target for adjusted free cash flow growth of 20% CAGR from 2025 to 2027.
Upstream Production and Reliability
Upstream production increased by around 3% quarter-on-quarter with upstream plant reliability at around 97%, leading to upgraded full-year production guidance.
Record Performance in Downstream
Underlying earnings in the first 9 months were around 40% higher than the same period in 2024. The company delivered its highest 3Q on record in the customers segment.
Exploration Success
BP has had 12 exploration discoveries in 2025, including Bumerangue in Brazil. The company plans to drill an appraisal well and perform a flow test on Bumerangue by the end of next year.
Progress on Strategic Divestments
BP is making good progress on its $20 billion divestment proceeds target, upgrading its proceeds guidance to around $5 billion.
AI and Technological Advancements
BP is making significant progress in AI deployment with examples such as kit detection and well planning improvements, leading to higher production and efficiency.