London: BP has updated its third-quarter 2025 outlook, forecasting higher upstream oil and gas production, particularly from its U.S. onshore fields. This marks a reversal from its earlier projection of a slight decline. However, the company has indicated weaker performance in oil trading and average results in gas trading. Despite higher output, gas prices received were lower than before.
The company reported an increase in its refining indicator margin to $15.8 per barrel from $11.9, which is expected to contribute an additional $300–$400 million to its earnings. This gain is partially offset by compliance costs and an unplanned outage at the Whiting refinery due to flooding.
Brent crude oil prices averaged $69.13 per barrel during Q3, slightly up from the previous quarter. U.S. gas prices fell to $3.07 per mmBtu. The company also expects a $100 million revenue hit in its gas and low-carbon segment and up to $500 million in total impairments, including $181 million in oil exploration write-offs.
BP’s net debt is projected to remain steady at around $26 billion. Despite operational and margin improvements, BP shares fell by 1.5%, influenced by broader market trends and concerns over its trading performance.