bp plc reported operating cash flow of $7.8 billion and underlying replacement cost profit of $2.2 billion for the third quarter of 2025, reflecting stronger upstream performance and improved refining margins across its global portfolio.
Murray Auchincloss, CEO of bp
Chief Executive Officer Murray Auchincloss said bp delivered “another quarter of good performance across the business,” highlighting continued operational strength, cost reductions, and accelerated project execution.
Upstream production rose 3% quarter-over-quarter with 96.8% plant reliability, supported by higher output from bpx energy and new project startups. bp has now brought six major oil and gas projects online this year, four of them ahead of schedule, and sanctioned its seventh operated production hub—the Tiber-Guadalupe development in the U.S. Gulf of Mexico/Gulf of America.
In refining, availability improved to 96.6%, while record underlying earnings in the customers and products segment underscored stronger fuel and midstream integration. The company continues to advance its divestment program and expects 2025 disposal proceeds to exceed $4 billion.
bp maintained a disciplined capital program with total 2025 capex expected around $14.5 billion and organic spend below $14 billion. Net debt remained broadly flat at $26.1 billion, as strong cash generation offset the redemption of $1.2 billion in hybrid bonds.
“We’re moving at pace and demonstrating that bp can and will do better for our investors,” Auchincloss said, noting that a portfolio review is underway to simplify operations and enhance cost efficiency.
