SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
14
October, 2025
BP p.l.c.
(Translation
of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F |X| Form 40-F
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Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of
1934.
Yes No
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Exhibit
1.1
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3Q25 bp
Trading Statement Part 1 of 1 dated 14 October 2025
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Exhibit 1.1
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FOR IMMEDIATE RELEASE
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London 14 October 2025
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BP p.l.c. Trading Statement
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Third quarter 2025 trading statement
The following Trading Statement provides a summary of BP p.l.c.'s
(bp) current estimates and expectations for the third quarter of
2025, including data on the economic environment as well as group
performance during the period.
The information presented is not comprehensive of all factors which
may impact bp's group results for the third quarter 2025 and is not
an estimate of those results. Also refer to bp's second quarter
2025 group results announcement on 5 August 2025 for third quarter
and full year 2025 guidance items which continue to apply unless
explicitly stated. A summary of that guidance is also provided in
the Appendix to this Trading Statement. All information provided is
subject to the finalization of bp's financial reporting processes
and actual results may vary.
bp's group results for the third quarter 2025 are expected to be
published on 4 November 2025.
Updated 3Q25 guidancea
● Reported
upstream productionb in
the third quarter is now expected to be higher compared to the
prior quarter, with production higher in both oil production &
operations, primarily higher gas production in bpx energy, and in
gas & low carbon energy.
● In
the gas & low carbon energy segment,
realizationsc,
compared to the prior quarter, are expected to have an impact of
around $(0.1) billion, including changes in non-Henry Hub natural
gas marker prices. The gas marketing and trading result is expected
to be average.
● In
the oil production & operations segment,
realizationsc,
compared to the prior quarter, are expected to be broadly flat,
including the impact of the price lags on bp's production in the
Gulf of America and the UAE. Compared to the prior quarter,
exploration write-offs are expected to be around $(0.1) billion
higher.
● In
the customers & products segment, compared to the prior
quarter, results are expected to be influenced by the following
factors:
◦ customers -
seasonally higher volumes with broadly flat fuels
margins.
◦ products -
stronger realized refining margins in the range of $0.3 to 0.4
billion and a significantly lower level of turnaround activity,
partly offset by seasonal effects of environmental compliance costs
and the impact of unplanned Whiting outage due to exceptional
weather conditions. The oil trading result is expected to be
weak.
● Other
items:
◦ The
third quarter results are expected to include post-tax adjusting
items relating to asset impairments in the range of $0.2 to $0.5
billion, attributable across the segments. These items are excluded
from underlying replacement cost profit.
◦ Net
debt at the end of the third quarter is expected to be broadly flat
compared to the end of the second quarter at around $26 billion
including the impact of the redemption of $1.2 billion perpetual
hybrid bonds on 1 September as planned, higher income taxes paid of
around $1 billion and a working capital
release.
a All
impacts influence bp's underlying RC profit before interest and
tax, unless stated otherwise.
b Includes
bp's share of production of equity-accounted
entities.
c Realizations
are based on sales by consolidated subsidiaries only - this
excludes equity-accounted entities.
Trading conditions
Brent averaged $69.13/bbl in the third quarter 2025 compared to
$67.88/bbl in the second quarter 2025.
US gas Henry Hub first of month index averaged $3.07/mmBtu in the
third quarter 2025 compared to $3.44/mmBtu in the second quarter
2025.
The bp RIM* averaged $15.8/bbl in the third quarter 2025 compared
to $11.9/bbl in the second quarter 2025.
Further information on prices and bp's current rules of thumb can
be found at the following link: bp.com
Rules of Thumb
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 announcement contains certain forecasts, projections and
forward-looking statements - that is, statements related to future,
not past events and circumstances - with respect to the financial
condition, results of operations and businesses of bp and certain
of the plans and objectives of bp with respect to these items. By
their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on
circumstances that will or may occur in the future and are outside
the control of bp. Actual results or outcomes, may differ
materially from those expressed in such statements, depending on a
variety of factors, including (without limitation): price
fluctuations in crude oil and natural gas; changes in demand for
bp's products; currency fluctuations; drilling and production
results; reserves estimates; sales volume and sales mix numbers;
supply and demand imbalances including as a result of direct or
indirect restrictions on production; regional pricing differentials
and refining margins; seasonal impacts on product demand and
operating expenses; resolution of trading and derivative positions
for the quarter; the timing and level of maintenance and/or
turnaround activity; the timing and volume of refinery additions
and outages; the timing of bringing new fields onstream; natural
disasters and adverse weather conditions; changes in public
expectations and other changes to business conditions; wars and
acts of terrorism; cyber-attacks or sabotage as well as those
factors discussed under "Risk factors" in bp's Annual Report and
Form 20-F 2024 and under "Principal risks and uncertainties" in
bp's Report on Form 6-K for the three months and six months ended
30 June 2025, each as filed with the US Securities and Exchange
Commission. Furthermore, additional factors may exist that will be
relevant to bp's group results for the third quarter of 2025 that
are not currently known or fully understood. Neither bp nor any of
its subsidiaries assumes any obligation to update, revise or
supplement any forward-looking statement contained in this
announcement to reflect future circumstances, events or
information.
The contents of websites referred to in this announcement do not
form part of this announcement.
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FOR IMMEDIATE RELEASE
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London 14 October 2025
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BP p.l.c. Trading Statement
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Appendix: Guidance
issued in 2Q25 Stock Exchange Announcementa
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Guidance Area
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Full Year 2025
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3Q25 vs 2Q25
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Reported and underlying*
upstream production
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Reported upstream production to be lower and underlying upstream
production to be slightly lower than 2024, of which oil production
& operations broadly flat and gas & low carbon energy
lower
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Reported upstream production to be slightly lower
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Customers
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Growth in its business including a full year contribution from bp
bioenergy; earnings growth to be supported by structural cost
reduction; fuels margins to remain sensitive to the cost of
supply
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● seasonally
higher volumes
● fuels
margins to remain sensitive to movements in the cost of
supply
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Products
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Stronger underlying performance underpinned by the absence of the
plant-wide power outage at Whiting refinery; improvement plans
across the portfolio; similar levels of turnaround activity, with
phasing of turnaround activity in 2025 heavily weighted towards
1H25, with the highest impact in 2Q
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● a
significantly lower level of planned refinery turnaround activity
partly offset by seasonal effects of environmental compliance
costs
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Income taxes paid
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● expected
to be around $1bn higher mainly due to the timing of installment
payments, which are typically higher in the third quarter each
year
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Perpetual hybrid bonds
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● elected
to redeem $1.2bn, representing the remaining amount callable from
June 2025. The hybrid bonds will be redeemed on 1 September 2025
using proceeds from bp's November 2024 hybrid bond
issuance
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OB&C
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Around $0.5-1.0bn charge
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DD&A
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Slightly higher compared with 2024
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Underlying effective tax rate*b
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Around 40%
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Capital expenditure*
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Around $14.5bn
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Divestment and other proceeds
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Around $3-4bn with the remaining proceeds weighted to
4Q25
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Gulf of America oil settlement payments
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~$1.2bn pre-tax, of which $1.1bn 2Q
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a Refer
to bp's second quarter and half year 2025 group results
announcement and bp.com for full text.
b Underlying
effective tax rate is sensitive to a range of factors, including
the volatility of the price environment and its impact on the
geographical mix of the group's profits and
losses.
* See
Glossary.
Contacts
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London
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Houston
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Press Office
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Rita Brown
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Paul Takahashi
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+44 (0) 7787 685821
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+1 713 903 9729
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Investor Relations
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Craig Marshall
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Graham Collins
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bp.com/investors
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+44 (0) 203 401 5592
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+1 832 753 5116
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Glossary
Capital expenditure is
total cash capital expenditure as stated in the condensed group
cash flow statement. Capital expenditure for the operating
segments, gas & low carbon energy businesses and customers
& products businesses is presented on the same
basis.
Replacement cost (RC) profit or loss reflects
the replacement cost of inventories sold in the period and is
calculated as profit or loss attributable to bp shareholders,
adjusting for inventory holding gains and losses (net of tax). RC
profit or loss for the group is a non-IFRS measure. The nearest
equivalent measure on an IFRS basis is profit or loss attributable
to bp shareholders.
Refining indicator margin (RIM) is
a simple indicator of the weighted average of bp's crude slate and
product yield as deemed representative for each refinery. Actual
margins realized by bp may vary due to a variety of factors,
including the actual mix of a crude and product for a given
quarter.
Technical service contract (TSC) -
Technical service contract is an arrangement through which an oil
and gas company bears the risks and costs of exploration,
development and production. In return, the oil and gas company
receives entitlement to variable physical volumes of hydrocarbons,
representing recovery of the costs incurred and a profit margin
which reflects incremental production added to the
oilfield.
Underlying production -
2025 underlying production, when compared with 2024, is production
after adjusting for acquisitions and divestments, curtailments, and
entitlement impacts in our production-sharing agreements/contracts
and technical service contract*.
Underlying RC profit or loss before interest and
tax for
the operating segments or customers & products businesses is a
non-IFRS measure and is calculated as RC profit or loss including
profit or loss attributable to non-controlling interests before
interest and tax for the operating segments and excluding net
adjusting items for the respective operating segment or business.
The nearest equivalent measure on an IFRS basis for segments and
businesses is RC profit or loss before interest and
taxation.
Underlying effective tax rate (ETR) is
a non-IFRS measure. The underlying ETR is calculated by dividing
taxation on an underlying replacement cost (RC) basis by underlying
RC profit or loss before tax. Taxation on an underlying RC basis
for the group is calculated as taxation as stated on the group
income statement adjusted for taxation on inventory holding gains
and losses and total taxation on adjusting items. Information on
underlying RC profit or loss is provided below. Taxation on an
underlying RC basis presented for the operating segments is
calculated through an allocation of taxation on an underlying RC
basis to each segment. bp believes it is helpful to disclose the
underlying ETR because this measure may help investors to
understand and evaluate, in the same manner as management, the
underlying trends in bp's operational performance on a comparable
basis, period on period. Taxation on an underlying RC basis and
underlying ETR are non-IFRS measures. The nearest equivalent
measure on an IFRS basis is the ETR on profit or loss for the
period.
BP p.l.c.'s LEI Code 213800LH1BZH3D16G760
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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BP
p.l.c.
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(Registrant)
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Dated: 14
October 2025
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/s/ Ben
J. S. Mathews
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Ben J.
S. Mathews
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Company
Secretary
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