BP Expects to Report Significant Net Debt Reduction, Higher Refining Indicator Margin in Q3

05:59 AM EDT, 10/13/2026 (MT Newswires) -- BP (BP) expects Q3 net debt to be $13.5 billion to $14.5 billion, down from $22.3 billion at the end of Q2, it said early Tuesday. This reduction includes about $3.0 billion in capital expenditure and the redemption of $1.0 billion of hybrid securities on Sept. 30, the UK's oil and gas exploration company said in its trading statement. JPMorgan analyst Matthew Lofting said the reduction beat his $18 billion forecast, according to a report from AJBell. BP said its Q3 refining indicator margin averaged $46.7 per barrel, up from $29.6 per barrel in Q2. It expects throughput of 1,375 to 1,405 thousand barrels per day, down from 1,467 thousand barrels per day, reflecting the completion of the Gelsenkirchen divestment and a lower planned turnaround and maintenance activity. Reported upstream production in Q3 is expected to be 2,190 to 2,240 thousand barrels of oil equivalent per day, compared with 2,201 thousand barrels of oil equivalent per day in Q2, mainly reflecting seasonal maintenance recovery partly offset by the company's reduced equity interest in Latin America. Q3 results will likely include impairments of $3.0 billion to $4.5 billion, primarily due to transitioning businesses in the gas and low-carbon energy segment. BP does not include these figures in its underlying replacement cost profit. BP shares traded 1.6% higher in Tuesday's pre-market activity.