BP reports $2.2bn profit for third quarter of 2025
London, November 04, 2025, (Oilandgaspress) –– Third quarter 2025 results Highlight: Good earnings and cash generation: 3Q25 operating cash flow $7.8bn; stronger underlying earnings across the operating segments supporting 3Q25 underlying RC profit $2.2bn.
Significant progress in upstream: 3Q25 upstream plant reliability 96.8% supporting underlying production* +3% quarter-on-quarter; six major projects* started up in 2025, FID taken on Tiber-Guadalupe in the Gulf of America; 12 exploration discoveries year-to-date.
Improved reliability and profitability in downstream: 3Q25 refining availability increased to 96.6%; around half of Customers & products’ share of the group’s 2027 structural cost reduction* target now delivered.
Continued progress on divestments; disciplined capital allocation: Now expect divestment and other proceeds received in 2025 to be above $4 billion. Full year capital expenditure guidance continues to be around $14.5bn with organic capital expenditure* remaining on track to be below $14bn; net debt broadly flat versus prior quarter despite redemption of $1.2bn hybrid bonds.
“We’ve delivered another quarter of good performance across the business with operations continuing to run well. All six of the major oil and gas projects planned for 2025 are online, including four ahead of schedule. We’ve sanctioned our seventh operated production hub in the Gulf of America and have had further exploration success.” Murray Auchincloss, chief executive officer BP
| Financial summary | |||||
|---|---|---|---|---|---|
| $ million | Third quarter 2025 | Second quarter 2025 | Third quarter 2024 | Nine months 2025 | Nine months 2024 |
| Profit (loss) for the period attributable to bp shareholders | 1,161 | 1,629 | 206 | 3,477 | 2,340 |
| Inventory holding (gains) losses*, net of tax | 62 | 407 | 906 | 351 | 362 |
| Replacement cost (RC) profit (loss)* | 1,223 | 2,036 | 1,112 | 3,828 | 2,702 |
| Net (favourable) adverse impact of adjusting items*, net of tax | 987 | 317 | 1,155 | 2,116 | 5,044 |
| Underlying RC profit* | 2,210 | 2,353 | 2,267 | 5,944 | 7,746 |
| Operating cash flow* | 7,786 | 6,271 | 6,761 | 16,891 | 19,870 |
| Capital expenditure* | (3,381) | (3,361) | (4,542) | (10,365) | (12,511) |
| Divestment and other proceeds(a) | 28 | 1,356 | 290 | 1,712 | 1,463 |
| Net issue (repurchase) of shares | (750) | (1,063) | (2,001) | (3,660) | (5,502) |
| Net debt*(b) | 26,054 | 26,043 | 24,268 | 26,054 | 24,268 |
| Adjusted EBITDA* | 9,981 | 9,972 | 9,654 | 28,654 | 29,599 |
| Underlying operating expenditure* | 5,487 | 5,457 | 5,590 | 16,248 | 16,542 |
| Announced dividend per ordinary share (cents per share) | 8.320 | 8.320 | 8.000 | 24.640 | 23.270 |
| Underlying RC profit per ordinary share* (cents) | 14.24 | 15.03 | 13.89 | 37.98 | 46.79 |
| Underlying RC profit per ADS* (dollars) | 0.85 | 0.90 | 0.83 | 2.28 | 2.81 |
(a) Divestment proceeds are disposal proceeds as per the condensed group cash flow statement. See page 3 for more information on other proceeds.(b) See Note 9 for more information. RC profit (loss), underlying RC profit, net debt, adjusted EBITDA, underlying operating expenditure, underlying RC profit per ordinary share and underlying RC profit per ADS are non-IFRS measures. Inventory holding (gains) losses and adjusting items are non-IFRS adjustments.
bp also highlighted:
Upstream – significant progress and strong operational performance: In quarter:
oil and gas production 2.36 million barrels of oil equivalent/day, 2.7% higher than previous quarter;
strong upstream reliability (96.8%) and, year to date:
six new upstream major projects online in 2025, four ahead of schedule;
development approval for another five new projects, including Tiber/Guadalupe in US; and
12 exploration discoveries, including significant Bumerangue in Brazil.
around half of customers & products’ share of Group cost reduction target for 2027 already achieved.
Downstream – improved reliability and profitability:
strong refining availability in quarter (96.6% – the best quarter in 20 years)
over first 9 months, refining availability was 2.3% higher than in 2024;
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