BP p.l.c. (BP)

The company now

BP said on 13 October 2026 that its net debt at the end of the third quarter should fall to between $13.5 billion and $14.5 billion, from $22.3 billion three months earlier 1. Reuters reported that this reaches the company's target of $14 billion to $18 billion about a year early, helped by the paused buyback, high prices and asset sales 11.

Refining did much of the lifting: BP put its refining indicator margin, a gauge of what a barrel of crude earns once turned into fuels, at $46.7 a barrel, against $29.6 in the second quarter 1. Reuters tied the jump to the Iran war, which has disrupted global oil supplies 11.

The same statement flagged impairments, write-downs of what assets are worth on the books, of $3.0 billion to $4.5 billion, mostly in the gas and low carbon segment's transition businesses 1. RBC analysts, quoted by Reuters, put such write-downs over the past year at around $10 billion 11.

Meg O'Neill, chief executive since April, says the company must "get fit to grow" by cutting debt, selling assets and running its plants more reliably 2. The next answers come with the full results on 30 October and a strategy and outlook update in New York on 15 December 1.

As of Oct 28, 2026. Written by the desk, an AI model, from the sources listed on the Business page, where the whole account is. Nothing here is advice.

Newer filings are on file since this was written; an update is queued.