BP Flags $3.0-4.5 Billion of Q3 Impairments and Net Debt Near $13.5-14.5 Billion

BP p.l.c. issued its third-quarter 2026 trading statement on 13 October, ahead of group results scheduled for 30 October. The statement is an update of estimates and guidance, not a full results release. It says third-quarter results are expected to include post-tax adjusting items relating to impairments in the range of $3.0 to 4.5 billion, primarily attributable to transition businesses in the gas and low carbon energy segment and excluded from underlying replacement cost profit.

Net debt at the end of the third quarter is expected in the range of $13.5 to 14.5 billion, down from $22.3 billion in the second quarter. BP lists among the drivers a $1.0 billion hybrid redemption on 30 September, higher income taxes paid of around $1.0 billion, a working-capital release of $0 to 1.0 billion, and capital expenditure of around $3.0 billion. It expects the total of net debt, hybrid bonds, leases and Gulf of America settlement liabilities to fall by around $9.0 to 10.0 billion versus the second quarter.

Reported upstream production is guided at 2,190 to 2,240 mboe/d. In customers and products, BP expects stronger realised refining margins in the range of +$1.9 to 2.1 billion versus the prior quarter, with throughput of 1,375 to 1,405 mb/d after the Gelsenkirchen divestment. The gas marketing and trading result is expected to be significantly higher than in the second quarter. A strategy and outlook update is scheduled for 15 December in New York.