BP reports dip in net profit in Q3 2025

British oil and gas company bp has reported an underlying replacement cost (RC) profit of $2.21bn in the third quarter of 2025 (Q3 2025), as against $2.27bn in the same quarter a year ago.

The Q3 2025 underlying RC profit, which is used as a proxy for net profit, fell from $2.35bn in the previous quarter of 2025. This was primarily due to a higher underlying effective tax rate, despite higher profitability in operating segments.

The net profit attributable to shareholders was $1.16bn for Q3 2025, a significant increase from $206m in the same period last year, but a decrease from $1.63bn in Q2 2025.

The company highlighted that higher crude and gas production helped offset a weak oil trading result during the quarter.

BP’s gas and low-carbon energy segment reported an underlying RC profit before interest and tax of $1.5bn, which remained flat from the previous quarter.

The company’s oil production and operations saw underlying profits before interest and tax of $2.3bn, consistent with the prior quarter. Underlying profits before interest and tax for the customers and products segment was $1.7bn, an increase from $1.5bn in Q2 2025.

BP CEO Murray Auchincloss said: “We have delivered another quarter of good performance across the business with operations continuing to run well.

“All six of the major oil and gas projects planned for 2025 are online, including four ahead of schedule. We have sanctioned our seventh operated production hub in the Gulf of America and have had further exploration success.

“We delivered record 3Q underlying earnings in customers and refining captured a better margin environment.

“Meanwhile, we expect full-year divestment proceeds to be higher, underpinned by around $5bn of completed or announced disposal agreements.”

BP’s capital expenditure for the quarter totalled $3.38bn, a decrease from $4.54bn in the same period last year, and slightly higher than the preceding quarter.

Net debt at the end of Q3 was $26.05bn, up from $24.27bn in the corresponding quarter in 2024, remaining flat from Q2 2025.

The company noted that net debt was broadly flat in Q3 2025 because higher operating cash flow was partially offset by the redemption of $1.2bn in perpetual hybrid bonds.

Operating cash flow reached $7.79bn in Q3, up from $6.76bn in the same period in 2024 and $6.27bn in Q2 2025.

BP announced a dividend of $0.0832 per ordinary share for Q3, up from $ 0.08 cents per share in the same quarter of the previous year and unchanged from the last quarter.

Recently, bp agreed to sell non-controlling interests in its US midstream assets in the Permian and Eagle Ford basins to Sixth Street for $1.5bn.

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