BP Exceeds Profit Estimates Driven by Upstream Recovery

Core Insights - BP reported stronger-than-expected earnings for Q3, with an underlying replacement cost profit of $2.21 billion, surpassing the consensus estimate of $2 billion [1][2] Financial Performance - Operating cash flow increased to $7.8 billion, up from $6.3 billion in Q2 2025 and $6.8 billion in Q3 2024 [3] - Average liquids realization price fell to $64.57 per barrel in Q3 2025 from $74.80 per barrel in the same quarter last year [2] Operational Highlights - BP achieved a 3% increase in upstream production compared to Q2 2025, driven by higher profitability in operating segments and improved refining margins [2][4] - All six major oil and gas projects planned for 2025 are now online, with four ahead of schedule [4] Strategic Focus - The company is focusing on accelerating delivery of its plans, including a thorough review of its portfolio to enhance cost performance and efficiency [5]