The debt cut was driven by asset sales, a pause in share buybacks, and the jump in refinery profits, though CEO Meg O'Neill conceded that the firm had not been 'careful stewards of shareholder capital' with its failed green bets. BP forecasts upstream output between 2.19 million and 2.24 million boe/d. Full third-quarter results are due October 30, and O'Neill will present a new strategic plan on December 15.
Tuesday, October 20, 2026
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BP Books $4.5B Green Loss and Hits 2027 Debt Target Early
Earnings7 days ago
Refining margins surged to $46.7 per barrel in the third quarter, helping BP reduce its net debt to between $13.5 billion and $14.5 billion from $22.3 billion in June. This reduction reaches the company's original target of $14 billion to $18 billion for 2027 approximately one year ahead of schedule. At the same time, the company is flagging impairments of $3 billion to $4.5 billion in gas and low carbon energy, marking its second large write-down in that sector within a year.
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