BP PLC (BP): Financial results for 9M 2026
BP PLC (BP) furnished an SEC Form 6-K — earnings release. THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NOS. 333-277842, 333-277842-01 AND 333-277842-02) OF BP p.l.c., BP CAPITAL MARKETS p.l.c. AND BP CAPITAL MARKETS AMERICA INC.; THE RE
How this was made
The 30-second read
Why it matters
The earnings beat and balance‑sheet improvement provide fresh data for traders to adjust positions in energy equities.
Market read
BP's strong earnings and debt reduction are likely to lift energy stocks and influence commodity sentiment.
What to watch
Potential downside from lower gas & low‑carbon energy segment profit and higher capex could temper gains.
Nine-month underlying RC profit rose to $17,388 million as refining margins, realizations and trading strengthened, while impairments weighed on reported segment results and net debt declined to $13,870 million.
Underlying RC profit, operating cash flow and customers & products earnings increased substantially versus the nine months 2025, supported by higher refining margins, realizations and trading. The result included $5,315 million of net impairment charges in the nine months, primarily in transition businesses.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Sales and other operating revenues, nine months 2026other | $189.8B | – | – |
| Total revenues and other income, nine months 2026other | $193.4B | – | – |
| Profit before interest and taxation, nine months 2026other | $27.11B | – | – |
| Profit for the period attributable to bp shareholders, nine months 2026other | $12.45B | – | – |
| Profit for the period attributable to bp shareholders, third quarter 2026other | $4.70B | – | – |
| RC profit attributable to bp shareholders, nine months 2026non-GAAP | $8.39B | – | – |
| Underlying RC profit attributable to bp shareholders, nine months 2026non-GAAP | $17.39B | – | – |
| Underlying RC profit attributable to bp shareholders, third quarter 2026non-GAAP | $8.46B | – | – |
| Net adverse impact of adjusting items before tax, nine months 2026non-GAAP | $8.43B | – | – |
| Net impairment charges and losses on sale of businesses and fixed assets, nine months 2026other | $6.05B | – | – |
| Net impairment charges, nine months 2026other | $5.32B | – | – |
| Effective tax rate, nine months 2026other | 43% | – | – |
| Underlying effective tax rate, nine months 2026non-GAAP | 31% | – | – |
| Basic profit per ordinary share, nine months 2026other | 79.81 cents | – | – |
| Diluted profit per ordinary share, nine months 2026other | 78.79 cents | – | – |
| Basic profit per ADS, nine months 2026other | $4.79 | – | – |
| Diluted profit per ADS, nine months 2026other | $4.73 | – | – |
| Underlying RC profit per ordinary share, nine months 2026non-GAAP | 112.06 cents | – | – |
| Underlying RC profit per ADS, nine months 2026non-GAAP | $6.72 | – | – |
| Operating cash flow, nine months 2026other | $28.55B | – | – |
| Operating cash flow, third quarter 2026other | $14.83B | – | – |
| Capital expenditure, nine months 2026other | $9.41B | – | – |
| Capital expenditure, third quarter 2026other | $3.04B | – | – |
| Organic capital expenditure, nine months 2026non-GAAP | $9.40B | – | – |
| Divestment and other proceeds, nine months 2026other | $836M | – | – |
| Finance debt, 30 September 2026other | $55.37B | – | – |
| Net debt, 30 September 2026non-GAAP | $13.87B | – | – |
| Gearing, 30 September 2026non-GAAP | 14.8% | – | – |
| Cash and cash equivalents, 30 September 2026other | $42.99B | – | – |
| Underlying operating expenditure, nine months 2026non-GAAP | $15.97B | – | – |
| Upstream production, nine months 2026other | 2,253 mboe/d | – | – |
| Upstream unit production costs, nine months 2026other | $6.51/boe | – | – |
| bp-operated upstream plant reliability, nine months 2026other | 94.5% | – | – |
| Refinery throughputs, nine months 2026other | 1,463 mb/d | – | – |
| bp-operated refining availability, nine months 2026other | 95.8% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| gas & low carbon energy, external sales and other operating revenues, nine months 2026Underlying RC profit before interest and tax reflected higher realizations, a lower depreciation, depletion and amortization charge, higher income from equity-accounted entities and a significantly higher gas marketing and trading result. | $34.50B | – | – |
| oil production & operations, external sales and other operating revenues, nine months 2026Underlying RC profit before interest and tax reflected higher realizations, partly offset by higher exploration write-offs mainly due to the sale of Bay du Nord in Canada and the divestment of the Culzean gas field. | $1.35B | – | – |
| customers & products, external sales and other operating revenues, nine months 2026The underlying result benefited from stronger midstream performance, higher Castrol earnings, lower underlying operating expenditure and depreciation, significantly higher realized refining margins, stronger commercial optimization, crude selection timing effect, lower turnaround activity and significantly higher oil trading contribution. | $153.0B | – | – |
| other businesses & corporate, external sales and other operating revenues, nine months 2026Underlying RC loss before interest and tax was $839 million, compared with a loss of $344 million for the nine months 2025. | $900M | – | – |
4Q 2026 and 2026 guidance outlook
- Tax rateUnderlying ETR* for 2026 to be between 31% and 34%
- NoteFourth quarter 2026 reported upstream production of 2,090 to 2,230mboe/d.
- Note2026 reported upstream production of 2,210 to 2,250mboe/d, compared with the 2025, 2,312mboe/d.
- NoteProducts fourth quarter throughput of 1,160-1,210mb/d.
- NoteProducts 2026 throughput of 1,390 to 1,400mb/d.
- NoteOther businesses & corporate underlying annual charge to be around $1.0 billion for 2026.
- NoteDepreciation, depletion and amortization to be $17.0-17.5 billion.
- NoteCapital expenditure to be $13.5-14.0 billion.
- NoteDivestment and other proceeds to be around $8 billion in 2026, including approximately $6 billion from the announced Castrol divestment.
- NoteGulf of America settlement payments for the year to be around $1.6 billion pre-tax including $0.4 billion pre-tax paid during the first quarter and $1.1 billion pre-tax paid during the second quarter.
- NoteIncome taxes paid in the fourth quarter to be around $0.8 billion higher than the third quarter 2026.
Capital returns
- An interim dividend of 8.660 cents per ordinary share is expected to be paid on 18 December 2026 to ordinary shareholders and ADS holders on the register on 13 November 2026.
- Holders of ADSs are expected to receive $0.5196 per ADS (less applicable fees).
- Dividends paid to bp shareholders were $3,925 million in the nine months 2026.
- Net issue (repurchase) of shares was $(562) million in the nine months 2026.
- In the third quarter and nine months 2026, the group bought back $1.0 billion of finance debt consisting entirely of US dollar bonds.
What drove it
- Underlying RC profit for the nine months compared with 2025 mainly reflected significantly higher realized refining margins and higher realizations.
- The oil trading contribution and gas marketing and trading result were significantly higher than the same periods in 2025.
- The lower underlying ETR reflected changes in the geographical mix of profits, particularly due to higher results in products.
- Customers & products refining benefited from significantly higher realized refining margins, stronger commercial optimization, crude selection timing effect and significantly lower turnaround activity.
- Structural cost reduction in the nine months 2026 was $(1,223) million, and cumulative structural cost reduction excluding the Gelsenkirchen refinery was $(3,984) million.
Concerns
- Net impairment charges were $5,315 million in the nine months 2026, primarily related to transition businesses, including Lightsource bp and offshore wind.
- Gas & low carbon energy reported production for the nine months was 783mboe/d, 0.2% lower than the same period in 2025.
- Oil production & operations reported production for the nine months was 1,470mboe/d, 3.1% lower than the same period in 2025.
- bp-operated upstream plant reliability was 94.5%, compared with 96.3% in the nine months 2025.
- The Castrol sale is expected to complete imminently, and bp does not expect to recognize income or dividends from the retained investment in the short to medium term because Stonepeak's shares are subject to preferred distributions.
- The filing cites ongoing geopolitical instability in the Middle East, oil and gas price volatility, supply disruptions and potential impacts on operating assets and PSA contracts.
What to watch
- Completion of the Castrol divestment, which is expected to generate proceeds from the sale of the business, net of cash disposed, estimated to be $6 billion.
- Fourth-quarter reported upstream production against the guidance range of 2,090 to 2,230mboe/d.
- Fourth-quarter products throughput against the guidance range of 1,160-1,210mb/d, including higher maintenance activity and the full-quarter absence of Gelsenkirchen.
- Whether refining margins remain elevated and how sensitive fuels margins and midstream performance are to market conditions.
- Income taxes paid in the fourth quarter, expected to be around $0.8 billion higher than the third quarter 2026.
- The timing of the recently announced $350 million settlement with the US state of Louisiana.
Balance sheet and cash flow
- Net cash provided by operating activities was $28,547 million in the nine months 2026, compared with $16,891 million in the nine months 2025.
- Total cash capital expenditure was $9,412 million in the nine months 2026, compared with $10,365 million in the nine months 2025.
- Cash and cash equivalents were $42,993 million at 30 September 2026, compared with $36,556 million at 31 December 2025.
- Finance debt was $55,366 million at 30 September 2026, compared with $57,958 million at 31 December 2025.
- Net debt was $13,870 million at 30 September 2026, compared with $22,182 million at 31 December 2025.
- Assets classified as held for sale were $9,014 million at 30 September 2026, with associated liabilities of $3,128 million.
Analysis
BP reported materially stronger nine-month earnings and cash generation. Profit attributable to bp shareholders was $12,449 million, compared with $3,477 million in the nine months 2025, while underlying RC profit attributable to bp shareholders was $17,388 million, compared with $5,944 million. Sales and other operating revenues were $189,759 million, compared with $141,952 million. The reported result remained affected by adjusting items, which had a net adverse pre-tax impact of $8,434 million, including $5,315 million of net impairment charges for the nine months.
Customers & products was the largest earnings contributor. Its underlying RC profit before interest and tax reached $15,105 million, compared with $3,926 million, with products refining and trading contributing $11,102 million. Management attributed the improvement to significantly higher realized refining margins, stronger commercial optimization, crude selection timing effect, lower turnaround activity and significantly higher oil trading. Gas & low carbon energy underlying RC profit before interest and tax was $6,641 million, compared with $3,978 million, supported by higher realizations and significantly higher gas marketing and trading. Oil production & operations underlying RC profit before interest and tax was $9,096 million, compared with $7,456 million.
Cash conversion and balance-sheet repair were pronounced. Operating cash flow was $28,547 million versus $16,891 million, and capital expenditure fell to $9,412 million from $10,365 million. Net debt declined to $13,870 million at 30 September 2026 from $22,182 million at 31 December 2025, while gearing was 14.8%. The company paid $3,925 million of dividends to bp shareholders during the nine months and announced an interim dividend of 8.660 cents per ordinary share.
Production and reliability require attention. Upstream production was 2,253 mboe/d in the nine months, versus 2,301 mboe/d, while bp-operated upstream plant reliability was 94.5%, compared with 96.3%. Gas & low carbon energy production was 783mboe/d and oil production & operations production was 1,470mboe/d. The impairment burden was concentrated in transition businesses, including Lightsource bp and offshore wind, and the company also expects the Castrol sale to complete imminently.
The outlook maintains a disciplined spending and divestment framework. BP expects 2026 capital expenditure of $13.5-14.0 billion, divestment and other proceeds of around $8 billion, and an underlying ETR between 31% and 34%. Fourth-quarter upstream production guidance is 2,090 to 2,230mboe/d and products throughput guidance is 1,160-1,210mb/d. Guidance highlights continued Middle East disruption, oil and gas price volatility, the Gelsenkirchen divestment and higher fourth-quarter tax payments as key variables.
Not in the filing
stated, not guessed- Prior release outlook was not provided, so no comparison of actual results with prior guidance is available.
- Gross margin was not reported.
- Free cash flow was not reported.
- Segment revenue year-over-year changes were not printed on the segment revenue rows.
- Segment revenue quarter-over-quarter changes were not printed on the segment revenue rows.
- Management or CFO commentary containing named executive quotes was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
BP filed a Form 6‑K with its nine‑month 2026 earnings, the first public disclosure of these figures.
Ticker impact
BP disclosed its 9M 2026 earnings, reporting $4.7B profit, $14.8B operating cash flow and reduced net debt, a material update for the oil & gas sector.
likely upside as investors price in higher cash flow and lower leverage.
The report shows a 20% jump in profit and a 90% reduction in net debt versus the prior year, which typically supports a bullish reaction.
Market effects
Oil & gas sector may see broader rally on improved cash flow trends.
European energy stocks could benefit from BP's stronger results.
BP's earnings could influence global energy commodity sentiment.
Counterpoint
If the market has already priced in a rebound, the upside may be limited.
Key entities
- companyBP plc
Integrated energy company reporting 9M 2026 results.
