Bp Plc · LSE:BP.
Bp — Q3 2026 Earnings Presentation
47 slides from Bp's earnings presentation, 2026
Slide 1: 3Q 2026 financial results
3Q 2026 financial results 2Q 2025 financial 3Q 2026 results financial results 1
Slide 2: Craig Marshall, SVP investor relations
Craig Marshall Craig Marshall SVPSVP investor investor relations relations 3Q 2025 financial results 2Q 2025 financial 3Q 2026 results financial results 2
Slide 3: Cautionary statement
Cautionary statement In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, bp is providing the following cautionary statement : The discussion in this presentation contai
Slide 4: Meg O'Neill, Chief executive officer
Meg O’Neill Craig Marshall SVPChief executive investor relations officer 3Q 2025 financial results 2Q 2025 financial 3Q 2026 results financial results 4
Slide 5: 3Q 2026 highlights
3Q 2026 highlights Upstream Upstream Refinery Refining production plant reliability throughput s availability 2,220 mboed 95.3% 1,396 Reflecting Gelsenkirchen mbd 96.5% sale at end -July 2Q 2026 2,201mboed 2Q 2026 92.4% 2Q 2026 1,467mbd 2Q 2026 94.7% Underlying replacement Operating Financial obliga
Slide 6: Priorities to deliver a step change in performance
Priorities to deliver a step change in performance 1. 2. 3. 4. 5. Strengthening Simplifying Investing Driving Hardwiring balance sheet the portfolio with greater operational high -performance discipline excellence and accountability Improve financial Take an unemotional Get fit to grow - Run assets
Slide 7: Strengthening the balance sheet
Strengthening the balance sheet Financial obligations and instruments * ($bn) Financial leverage ratio * (%) Net debt * + lease liabilities + hybrids + GoA settlement liability Total equity + net debt + lease liabilities + GoA settlement liability 98% 70 60% 60.5 60 53.6 96% 50 44.3 40% bp 40 94% 30
Slide 8: Strong balance sheet underpins through-cycle capital allocation
Strong balance sheet underpins through -cycle capital allocation We require a strong balance sheet to deliver: Disciplined, A committed Upside shared through -cycle dividend with shareholders investment 2Q 2025 financial 3Q 2026 results financial results 8
Slide 9: Priorities to deliver a step change in performance
Priorities to deliver a step change in performance 1. 2. 3. 4. 5. Strengthening Simplifying Investing Driving Hardwiring balance sheet the portfolio with greater operational high -performance discipline excellence and accountability Improve financial Take an unemotional Get fit to grow - Run assets
Slide 10: Simplifying the portfolio; investing with greater discipline
Simplifying the portfolio; investing with greater discipline Jul 2026 Aug 2026 Sep 2026 Looking ahead Bay du Nord Archaea Tupinambá Castrol 65% sale sale of non -operated sale process launched 50% farm -down agreed; bp completion imminent interest agreed operator Austria M&C Calypso Conifer Lightsou
Slide 11: Priorities to deliver a step change in performance
Priorities to deliver a step change in performance 1. 2. 3. 4. 5. Strengthening Simplifying Investing Driving Hardwiring balance sheet the portfolio with greater operational high -performance discipline excellence and accountability Improve financial Take an unemotional Get fit to grow - Run assets
Slide 12: Driving operational excellence – refining
Driving operational excellence – refining Refining Refining Refining opex , availability (%) utilisation (%) excluding energy 1 and TAR costs ($/ bbl ) 100% 100% 6.5 6.0 Portfolio including GSK (rolling four quarters) 95% Target: >96% 95% 5.5 5.0 90% 3Q 2026 90% actual 2 4.5 85% 85% 4.0 2024 2025 20
Slide 13: Driving operational excellence – upstream
Driving operational excellence – upstream Upstream plant reliability Plant reliability by region (%, bp operated) (%, bp operated) Range from 1Q 2024 to 3Q 2026 100% 100% Target: 96% Target: 96% 90% 95% 80% 70% 90% 60% 85% 50% 2024 2025 2026 3Q 3Q 2026 Region 1 Region 2 Region 3 Region 4 Region 5 Re
Slide 14: Driving operational excellence – bpx spotlight
Driving operational excellence – bpx spotlight Production uptime Production costs Actual production as a % of ($/ boe ) expected volumes 100% 11 10 90% 9 8 80% 7 70% 6 2023 2024 2025 2026 3Q3Q… 2026 2023 2024 2025 2026 3Q 2026 Better execution Lower cost barrels 2Q 2025 financial 3Q 2026 results fin
Slide 15: Priorities to deliver a step change in performance
Priorities to deliver a step change in performance 1. 2. 3. 4. 5. Strengthening Simplifying Investing Driving Hardwiring balance sheet the portfolio with greater operational high -performance discipline excellence and accountability Improve financial Take an unemotional Get fit to grow - Run assets
Slide 16: Priorities to deliver a step change in performance
Priorities to deliver a step change in performance 1. 2. 3. 4. 5. Strengthening Simplifying Investing Driving Hardwiring balance sheet the portfolio with greater operational high -performance discipline excellence and accountability Improve financial Take an unemotional Get fit to grow - Run assets
Slide 17: Kate Thomson, Chief financial officer
Kate Thomson Craig Marshall SVPChief financial investor relationsofficer 3Q 2025 financial results 2Q 2025 financial 3Q 2026 results financial results 17
Slide 18: 3Q 2026 underlying results
3Q 2026 underlying results $bn 3Q 2026 2Q 2026 3Q 2025 Brent dated ($/bbl) 97.0 103.9 69.1 Henry Hub ($/mmbtu) 3.0 2.9 3.1 NBP (p/ therm ) 155.8 112.4 79.8 RIM ($/bbl) 46.7 29.6 15.8 * Underlying RCPBIT 13.4 10.3 5.3 Gas & low carbon energy 3.2 2.1 1.5 Oil production & operations 3.5 3.6 2.3 Custome
Slide 19: 3Q 2026 IFRS to underlying results reconciliation
3Q 2026 IFRS to underlying results reconciliation ($bn) Segment underlying operating profit movement 2.0 0.1 8.5 (0.4) 1.1 (0.0) 1.8 5.7 4.7 (3.8) 3.9 2Q 2026 Adjusting items 2Q 2026 Gas & low Oil production Customers Other Finance costs, 3Q 2026 Adjusting items 3Q 2026 IFRS profit & inventory under
Slide 20: 3Q 2026 cash flow and balance sheet
3Q 2026 cash flow and balance sheet $bn 3Q 2026 2Q 2026 3Q 2025 Key cash flow items Operating cash flow 14.8 10.9 7.8 * Adjusted working capital release/(build) 0.5 (1.0) 0.9 Capital expenditure (3.0) (3.1) (3.4) Divestment and other proceeds (0.0) 0.6 0.0 Key balance sheet items Net debt * 13.9 22.
Slide 21: Quarterly adjusted working capital
Quarterly adjusted working capital Adjusted working capital * ($bn) Build Release Seasonal effects and pricing Timing of payments Permanent build Total 3.1 0.7 2.8 6.5 0.3 1.7 0.8 4.1 1.1 (0.0) (0.4) (0.7) (0.4) 1Q 2026 2Q 2026 3Q 2026 1Q 2026 2Q 2026 3Q 2026 1Q 2026 2Q 2026 3Q 2026 9M 2026 Rounding
Slide 22: Cumulative adjusted working capital
Cumulative adjusted working capital 9M 2026 adjusted working capital * ($bn) 2.8 6.5 0.7 3.1 Seasonal Seasonal effects effects and pricing TimingTiming of of payments Otherbuild Permanent 9M 2026 and pricing payments Rounding differences may occur. 2Q 2025 financial 3Q 2026 results financial results
Slide 23: 3Q 2026 cash generation and net debt reduction
3Q 2026 cash generation and net debt reduction 3Q 2026 sources and uses of cash ($bn) Net debt * ($bn) 15.0 22.3 Net debt reduction 8.4 13.9 6.6 Underlying cash 15.0 0.1 Other generation * Payments related to 2.6 financial obligations and instruments 1.3 Dividends paid 3.0 Capital expenditure (0.5)
Slide 24: Continued balance sheet strengthening
Continued balance sheet strengthening Financial obligations and instruments * ($bn) 4Q 2026 assumptions 60.5 – Prices and margins: Gulf of America settlement net 5.9 53.6 • Brent $110/bbl liability 5.0 • HH $3/ mmbtu Lease liabilities 13.3 44.3 • RIM $40/bbl Perpetual 13.3 5.0 hybrid securities 2.5
Slide 25: 4Q 2026 outlook and guidance
4Q 2026 outlook and guidance 3Q 2026 reported 4Q 2026 guidance 1 Reported upstream production 2,220mboed – 2,090 -2,230mboed, includes the impact of continued disruption in the Middle East, activity phasing in bpx, seasonally lower gas demand and around 20mboed for weather event in the Gulf of Ameri
Slide 26: FY 2026 outlook and guidance
FY 2026 outlook and guidance FY 2025 reported FY 2026 guidance 1 Reported upstream production 2,312mboed – 2,210 -2,250mboed, including impact of disruption in the Middle East, the divestment of the Culzean gas field and bp’s reduced equity interest in Latin America Products Refinery throughputs 1,4
Slide 27: Meg O'Neill, Chief executive officer
Meg O’Neill Craig Marshall SVPChief executive investor relations officer 3Q 2025 financial results 2Q 2025 financial 3Q 2026 results financial results 27
Slide 28: Progress on our primary targets
Progress on our primary targets Adjusted free 9M 2026 1 Net debt * 3Q 2026 cash flow * growth >20% ~ $18bn $14−18bn $13.9bn CAGR from 2024 -27 ~75% yoy by end 2027 ✓ Structural Cumulative to 3Q 2026 Group ROACE * Trailing four quarters 2 cost reduction * from end -2023 $4 −5bn $4bn >16% ~ 18% $6.5 -
Slide 29: Appendix
Appendix • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level 3Q 2025 financial results 2Q 2025 financial 3Q 2026 results financial results 29
Slide 30: Appendix – table of contents
Appendix —table of contents Safety Year to date financials 1) Safety performance 7) Financial summary – 9M 2026 underlying results Upstream 8) Financial summary – 9M 2026 2) Upstream major project start -ups cash flow and balance sheet 2025 to 2027 Quarterly financials Primary targets 3) 3Q 2026 cas
Slide 31: 1) Safety performance
1) Safety performance Process safety events Tier 1 Tier 2 100 80 60 40 20 0 2019 2020 2021 2022 2023 2024 2025 9M 2025 9M 2026 Goal to eliminate fatalities, life -changing injuries and the most serious process safety events 2Qfinancial 3Q 2026 2025 financial results results | appendix 31
Slide 32: 2) Upstream major project start-ups 2025 to 2027
2) Upstream major project start -ups 2025 to 2027 10 major project start - ups with ~250mboed peak net production 1 Projects that have started -up Oil Gas Argos Atlantis Atlantis Raven Coconut Ginger Murlach SWX DC1X MFX GTA Ph1 Cypre Mento infills Post FID Post FID And 7 project start -ups in equit
Slide 33: 3) 3Q 2026 cash flow and net debt movement
3) 3Q 2026 cash flow and net debt movement 3Q 2026 underlying RCPBIT to operating cash flow to change in net debt ($bn) 4.4 0.5 0.4 (2.3) (0.7) (1.0) (0.0) (3.0) (1.3) (1.2) (0.8) (0.1) 14.8 13.4 8.4 Underlying DD&A Tax Adjusted Interest Interest Other Operating Divestment Capex Shareholders Perpetu
Slide 34: 4) Gas and low carbon energy
4) Gas and low carbon energy 3Q 2026 2Q 2026 3Q 2025 * ($bn) Underlying RCPBIT Production volume Liquids (mbd) 80 88 87 Natural gas ( mmcfd ) 4,085 3,928 4,167 Total hydrocarbons (mboed) 784 765 806 Average realisations Liquids ($/bbl) 85.05 94.09 64.57 3Q 2026 vs 2Q 2026 Natural gas ($/mcf) 8.65 8.
Slide 35: 5) Oil production and operations
5) Oil production and operations 3Q 2026 2Q 2026 3Q 2025 * ($bn) Underlying RCPBIT Production volume Liquids (mbd) 1,008 997 1,121 Natural gas ( mmcfd ) 2,482 2,543 2,525 Total hydrocarbons (mboed) 1,436 1,436 1,556 Average realisations Liquids ($/bbl) 76.42 84.10 59.58 Natural gas ($/mcf) 2.83 2.16
Slide 36: 6) Customers and products
6) Customers and products 3Q 2026 2Q 2026 3Q 2025 Underlying RCPBIT * ($bn) Customers – convenience & mobility Capital expenditure ($bn) 0.3 0.3 0.4 Marketing sales of 3,158 3,163 3,332 refined products (mbd) Products – refining & trading 3Q 2026 vs 2Q 2026 Capital expenditure ($bn) 0.2 0.2 0.4 Cust
Slide 37: 7) Financial summary – 9M 2026 underlying results
7) Financial summary – 9M 2026 underlying results $bn 9M 2026 9M 2025 Brent dated ($/bbl) 93.9 70.9 Henry Hub ($/mmbtu) 3.6 3.4 NBP (p/therm) 123.5 93.4 RIM ($/bbl) 31.2 12.0 * Underlying RCPBIT 30.0 15.0 Gas & low carbon energy 6.6 4.0 Oil production & operations 9.1 7.5 Customers & products 15.1 3
Slide 38: 8) Financial summary – 9M 2026 cash flow and balance sheet
8) Financial summary – 9M 2026 cash flow and balance sheet $bn 9M 2026 9M 2025 Key cash flow items Operating cash flow 28.5 16.9 * Adjusted working capital build (6.5) (3.8) Capital expenditure (9.4) (10.4) Divestment and other proceeds 0.8 1.7 Key balance sheet items Net debt * 13.9 26.1 Hybrid bon
Slide 39: 9) Adjusted free cash flow reconciliation
9) Adjusted free cash flow reconciliation Adjusted free cash flow * reconciliation ($bn) Adjusted free cash flow ($bn) Reported Reported Price adjusted 1 25.7 9M 2026 9M 2025 ~18 Operating cash flow 28.5 16.9 Exclude: adjusted 10.3 ~10 * (6.5) (3.8) working capital build * Adjusted operating cash fl
Slide 40: 10) Price assumptions
10) Price assumptions Actual Price assumptions Rule -of -thumb 202 6 impact on underlying replacement cost profit Marker prices 2024 2025 2024 1 2025 2026 2027 before tax 2 — Oil price Brent Brent ($/bbl) 80.8 69.1 70.0 71.5 72.9 74.4 +/ - $1/bbl is ~$340m — Natural gas price Henry Hub ($/mmbtu) 2.3
Slide 41: Glossary – abbreviations
Glossary – abbreviations AHFS Assets held for sale . mmboed Million barrels of oil equivalent per day . Barrel (bbl) 159 litres, 42 US gallons . mmbtu Million British thermal units . boe Barrels of oil equivalent . mmcfd Million cubic feet per day . C&P Customers and products . NBP National balancin
Slide 42: Glossary
Glossary Adjusted free Non -IFRS measure . Adjusted free cash flow on a price adjusted basis Capital Total cash capital expenditure as stated in the condensed group cash flow cash flow on a compound annual growth is the annualised growth rate of adjusted free expenditure statement . Capital expendit
Slide 43: Glossary
Glossary Fair value Non -IFRS adjustments to our IFRS profit (loss) . They reflect the Liquids Liquids comprises crude oil, condensate and natural gas liquids . For the accounting difference between the way bp manages the economic exposure and OP&O segment, it also includes bitumen . effects (FVAEs)
Slide 44: Glossary
Glossary RC profit or loss Reflects the replacement cost of inventories sold in the period and is Refining indicator A simple indicator of the weighted average of bp’s crude slate and product / RC profit or calculated as profit or loss attributable to bp shareholders, adjusting margin (RIM) yield as
Slide 45: Glossary
Glossary Structural cost Calculated as decreases in UOE* as a result of operational Underlying cash Non -GAAP measure . It is calculated as net cash provided by operating reduction efficiencies, divestments, workforce reductions and other cost generation activities less adjusted working capital and
Slide 46: Glossary
Glossary Underlying RC For the operating segments or C&P businesses is calculated as RC Upstream Includes oil and natural gas field development and production within the profit or loss profit or loss* including profit or loss attributable to NCI before G&LCE and OP&O segments . References to upstrea
Slide 47: Resources
Resources bp's website includes information Useful links Investor events about our financial performance, reports and information on – Why invest in bp 15 December 2026 Strategy and investing in bp, dividend payments, – Modelling guidance outlook update AGM and strategy events. – Databook 9 February