BP profit beats forecast at $2.21 billion
Strong refining margins and fuel demand lift earnings
BP reported third-quarter 2025 profit of $2.21 billion, beating analysts’ forecasts of about $2.02 billion, as stronger refining margins, resilient fuel demand and disciplined spending offset weaker upstream results. Adjusted operating cash flow rose to $7.8 billion from $6.8 billion a year earlier, reflecting a recovery in downstream operations. The Customers and Products unit—covering fuel retailing and refining—delivered $1.61 billion in profit before interest and tax, helped by steady aviation fuel and diesel demand in Europe and Asia and “exceptionally strong” refining margins.
Chief Executive Murray Auchincloss said the quarter demonstrated BP’s ability to generate cash and sustain shareholder returns amid softer oil prices, with Brent averaging about 13% lower year-on-year. The company confirmed a $750 million share buyback for the quarter and kept its quarterly dividend at $0.0727 per share. BP reiterated plans to sell roughly $5 billion of assets this year as part of a broader $20 billion divestment program intended to reduce debt and fund transition investments.
Net debt remained near $26 billion at the end of September, broadly stable from the prior quarter and within the company’s leverage targets. Analysts noted BP’s refining and marketing operations continue to cushion the impact of weaker upstream prices, particularly amid uneven global fuel demand and slowing growth in China. Looking ahead, BP expects fourth-quarter oil and gas output to remain stable but warned refining margins could narrow due to increased maintenance activity.
The company reaffirmed its commitment to gradually raise investment in renewable and low-carbon technologies, including offshore wind and hydrogen, while stressing disciplined capital allocation to balance transition spending with shareholder returns. The results pushed BP shares slightly higher in early London trading as investors welcomed signs of operational resilience and steady cash generation following a string of mixed quarters.
