Financial Performance - BP's operating cash flow for 3Q25 was $7.8 billion, including a $900 million working capital release[21] - The underlying replacement cost profit for 3Q25 was $2.2 billion[22] - The company announced a 3Q25 dividend of 8.320¢ per ordinary share[21] - A $750 million share buyback for 3Q25 was announced, with a previous $750 million buyback completed in 2Q25[23] Operational Highlights - Upstream production was approximately 2.4 million barrels of oil equivalent per day (mmboed)[19] - Upstream plant reliability reached 96.8%[19] - Refining availability was 96.6%[19] Strategic Progress - Significant progress was made in upstream projects, including start-ups and final investment decisions (FIDs)[17, 25] - The Bumerangue discovery in Brazil is BP's largest in 25 years, with a gross hydrocarbon column of approximately 1,000 meters[27] - Downstream operations showed improved reliability and profitability[18] Downstream Focus - Refining availability year-to-date was approximately 96.4%[32] - The company is targeting a refining availability of 96% by 2027[32] - The company is targeting a cost to margin ratio reduction of >10% points by 2027[32] Financial Outlook - Capital expenditure for 2025 is expected to be approximately $14.5 billion[52] - The underlying effective tax rate for the full year 2025 is projected to be around 40%[52] - Divestment and other proceeds are expected to be greater than $4 billion for the full year 2025[52]