BP PLC (LSE:BP.) expects stronger upstream and refining performance in the third quarter of 2025, though oil trading results are likely to be weak.
Brent crude oil average prices were higher in the period, at $69.13 per barrel compared with $67.88 in the second quarter.
Production is expected to rise from the second quarter, led by higher gas output at its bpx energy business and improved performance in its gas and low-carbon energy division, the FTSE 100 group said in a short trading update ahead of its quarterly results scheduled for 4 November.
Gas realisations are expected to have a negative impact of around $0.1 billion, while oil prices are broadly unchanged.
In its customers and products business, refining margins strengthened by $0.3-0.4 billion with lower turnaround activity, though seasonal costs and an unplanned outage at Whiting partly offset gains.
BP said it expects to record post-tax asset impairments of between $0.2 billion and $0.5 billion, while net debt is set to remain around $26 billion, after higher tax payments and the redemption of $1.2 billion in hybrid bonds.