EarningsQ3 2026 Earnings Report
MX:BPN Q3 2026 EPS Results
Actual EPS$61.28
Consensus EPS$51.48
Beat/MissBeat by +$9.81
One Year Ago EPS$16.04
MX:BPN Q3 2026 Revenue Results
Actual Revenue$1.28T
Expected Revenue$1.19T
Beat/MissBeat by +$98.13B
YoY Revenue Growth+42.08%
Earnings Announcement Details
QuarterQ3 2026
Date10/30/2026
TimeBefore Open
Conference CallFriday, October 30, 2026
MX:BPN Upcoming Earnings
BP's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:BPN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: BP reported strong profit, cash flow, free cash flow, operational performance, balance sheet progress, portfolio actions, and progress toward its targets. These positives outweighed the stated challenges, including higher process safety events, a $4 billion impairment charge, asset performance variability, remaining financial obligations, and a weaker expected customers result in the fourth quarter. Management nevertheless emphasized that more work remains to improve safety, consistency, portfolio returns, and the balance sheet.Company Guidance
Strong Third-Quarter Financial Results
Underlying profit was $8.5 billion, $2.7 billion higher than the second quarter, while operating cash flow was $14.8 billion, $4 billion higher than the second quarter. Financial obligations reduced by $9.3 billion, and BP announced a third-quarter dividend of $0.0866 per ordinary share.
Improved Upstream Reliability
Upstream production was 2.2 million barrels of oil equivalent per day, broadly flat on the second quarter. Upstream plant reliability improved to 95.3%, mainly due to recovery from outages in the North Sea and Indonesia in the second quarter.
Refining Availability and Margin Capture Improved
Refining throughput was around 1.4 million barrels per day, while refining availability improved to 96.5%, back above BP's target of 96%. First-nine-month utilization in 2026 was 98%, supporting almost $2 billion of higher refining margin capture in the third quarter.
Balance Sheet Progress
BP delivered its net debt target ahead of plan. Financial obligations have reduced by around $16 billion since the first quarter, and net debt declined by around $8.4 billion in the third quarter to $13.9 billion.
Strong Cash Generation and Free Cash Flow
Underlying cash generation was $15 billion in the third quarter. Adjusted free cash flow was around $18 billion year to date, an increase of 75% year on year, primarily due to higher trading contribution and operational performance.
Portfolio Simplification Progress
BP launched sale processes for the U.K. North Sea and Archaea, agreed the sale of its Austria mobility and convenience business, completed the disposal of the Gelsenkirchen refinery, and expected completion of the Castrol sale imminently.
New Upstream and Gas Development Agreements
BP agreed terms to bring partners into Kirkuk in Iraq, Tupinambá in Brazil, and Conifer in the U.S., and signed agreements to advance an offshore gas development in Venezuela.
Refining Cost and Operational Improvements
Refining cost per barrel improved through business improvement plans and structural cost reductions. Unit cost reductions were also supported by higher throughput from improved reliability and lower turnaround activity in 2026.
Trading Supported Customers During Supply Disruptions
BP sourced aviation fuel from the U.S. Gulf Coast to maintain customer supply when European aviation markets spiked after Middle East product supply disruptions. Its flexible LNG portfolio also met short-notice tenders in South Asian countries to offset disruption to long-term supply.
Trading Contribution to Returns
BP's trading business delivered a 4% uplift to group return on capital employed on average over the last six years, and the uplift was trending above that rate so far in 2026.
Segment and Group Profit Growth
Group underlying profit increased by 48% from the second quarter. Gas & low carbon energy underlying operating profit increased by around $1.1 billion, customers and products increased by around $2 billion, and group underlying replacement cost profit before interest and tax rose to $13.4 billion from $10.3 billion.
Progress Against 2027 Targets
BP stated that it had delivered two of its four primary targets set in 2025 and had clear line of sight to delivering the remaining targets. Structural cost reductions were $4 billion and within range, excluding further reductions from the Castrol and Gelsenkirchen transactions, while return on average capital employed was around 18%.
Expected Further Reduction in Financial Obligations
BP expects financial obligations to reduce to around $33 billion-$35 billion by the end of 2026, supported by underlying cash generation, divestment proceeds, and an estimated working capital release of around half a billion dollars for the remainder of the year.
Deepwater Horizon Settlement Progress
BP agreed with the state of Louisiana to accelerate delivery of its Deepwater Horizon settlement commitments, providing the state with access to funds now. BP also stated its intent to prioritize excess cash flow to address its remaining Deepwater Horizon liabilities in full.
Performance Culture and Data-Enabled Operations
BP is implementing clearer ownership, faster decision-making, and data-based decision quality through a simpler organizational structure and governance. At bpx, data and AI tools, employee accountability for specific wells, repeatable well designs, and continuous improvement have increased production uptime and supported efforts to reduce the cost of each barrel.
MX:BPN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed