BP expects a post-tax impairment charge between $3.0 billion and $4.5 billion for the third quarter of 2026. This write-down primarily affects the gas and low-carbon energy transition businesses. The charge signals a strategic pivot under CEO Meg O'Neill to scale back green energy ambitions. O'Neill will outline her vision for the company in December.
BP anticipates a reduction in net debt to between $13.5 billion and $14.5 billion. This figure is down from $22.3 billion in the previous quarter. Stronger refining margins are expected to boost earnings by $1.9 billion to $2.1 billion. The company also projects significantly higher results from gas marketing and trading.
BP shares saw a modest increase following the announcement on October 13.