BP reported third‑quarter 2025 earnings, with an underlying replacement cost profit of $2.21 billion, exceeding the consensus estimate of $2.02 billion.
Adjusted earnings per share were 14.24 cents, surpassing the consensus forecast of $0.72 per share.
Revenue for the quarter was $49.25 billion, below the consensus estimate of $44.16 billion. Operating cash flow reached $7.8 billion and net debt stood at $26.1 billion.
The company completed a $750 million share‑buyback program that was announced in the second‑quarter results and finished on October 31 2025, reinforcing its shareholder‑return strategy.
CEO Murray Auchincloss highlighted record underlying earnings in the customers and refining segment, driven by stronger refining margins and higher production volumes. He noted that upstream production is expected to be broadly flat in the fourth quarter, while the company continues to pursue cost‑cutting and balance‑sheet strengthening initiatives. Divestment proceeds for 2025 are projected to exceed $4 billion and capital expenditure is expected to be around $14.5 billion.
Comparing to prior periods, Q3 2025 profit was $1.2 billion versus $1.6 billion in Q2 2025 and $206 million in Q3 2024. Underlying replacement cost profit was $2.2 billion in Q3 2025, down from $2.3 billion in Q3 2024.
Segment performance showed the customers and refining segment delivering record earnings, while upstream and gas & low‑carbon energy segments maintained stable output and margins.
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