- Q3 2025 operating cash flow was $7.8 billion with an underlying RC profit of $2.2 billion.
- Upstream plant reliability reached 96.8% with a 3% production increase quarter-on-quarter.
- Refining availability improved to 96.6%, contributing to structural cost reduction targets.
- 2025 divestments expected to exceed $4 billion, with capital expenditure guidance at $14.5 billion.
Financial Performance
In Q3 2025, BP reported an operating cash flow of $7.8 billion and an underlying replacement cost (RC) profit of $2.2 billion. This performance was supported by stronger earnings across operating segments, despite a higher effective tax rate of 39% due to changes in the geographical profit mix.
Upstream and Downstream Operations
Upstream plant reliability improved to 96.8%, with a 3% increase in production quarter-on-quarter. Six major projects commenced in 2025, and the company took a final investment decision on the Tiber-Guadalupe project in the Gulf of America. In downstream operations, refining availability increased to 96.6%, contributing to the group's 2027 structural cost reduction targets.
Capital Allocation and Debt
BP expects divestment proceeds in 2025 to exceed $4 billion. The full-year capital expenditure guidance remains around $14.5 billion, with organic capital expenditure projected to stay below $14 billion. Net debt was stable at $26.1 billion, despite the redemption of $1.2 billion in hybrid bonds.
Segment Results
The gas and low carbon energy segment reported an RC profit before interest and tax of $1.1 billion, with underlying profit stable at $1.5 billion. Oil production and operations saw an RC profit of $2.1 billion, with underlying profit at $2.3 billion. The customers and products segment achieved an RC profit of $1.6 billion, with underlying profit rising to $1.7 billion, driven by higher volumes and stronger refining margins.
