BP’s shareholder profit quadrupled in the third quarter while net debt dropped by $8.38 billion, as $14.83 billion in operating cash flow strengthened its balance sheet.
For the three months through Sept. 30, BP’s profit attributable to shareholders was $4.696 billion, versus $1.161 billion in the same quarter of 2025. Underlying replacement cost profit reached $8.458 billion, compared with $2.210 billion. BP uses this non-IFRS measure to adjust reported profit for inventory holding movements and other adjusting items. The measure was the focus of EconoTimes' earlier coverage of BP's quarterly profit.
BP said higher realized refining margins and a higher gas and marketing trading result supported earnings. Its refining indicator averaged $46.70 per barrel, compared with $29.60 in the second quarter and $15.80 a year earlier. BP cautioned that realized margins can vary from the indicator. Reuters and Euronews linked broader market gains to supply disruptions from the Iran war; BP's results statement referred to geopolitical instability and Middle East supply disruptions without naming the war.
Operating cash flow was $14.829 billion. Net debt declined from $22.251 billion on June 30 to $13.870 billion on Sept. 30. BP credited cash generated during the quarter for the reduction; redeeming $1 billion in perpetual hybrid securities partly limited the decline.
BP also reported $4 billion in post-tax net impairments among its adjusting items, mainly related to transition businesses in its gas and low-carbon energy segment. Chief Executive Meg O’Neill said BP would direct excess cash flow toward its remaining Deepwater Horizon liabilities and described the company as “too leveraged.” The disaster occurred in 2010. O’Neill said it claimed 11 lives and had consequences for Gulf Coast communities and the environment.
BP is scheduled to present its next strategy and outlook update in New York City on Dec. 15.
