BP p.l.c. (NYSE:BP) shares are trading lower premarket on Tuesday. The company posted a trading update ahead of its third-quarter 2025 results scheduled for November 4, 2025.
The company projects quarterly results to include post-tax adjusting items for asset impairments of $200 million to $500 million across segments.
The oil and gas giant expects upstream production to rise versus the previous quarter, on higher output in both oil production and operations and in gas and low-carbon energy segments.
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In the gas and low carbon energy segment, BP projects realizations to have a roughly $(100) million negative impact versus the prior quarter, on shifts in non–Henry Hub natural gas prices.
Meanwhile, the company expects the gas marketing and trading result to be average.
In the oil production and operations segment, the company anticipates realizations to remain largely flat due to price lags resulting from production in the Gulf of America and the UAE.
Exploration write-offs are projected to be about $(100) million higher than the previous quarter.
In the customers and products segment, BP expects the customers segment results to reflect seasonally higher volumes with stable fuel margins.
Refining margins in the Products segment are anticipated to be within $300–$400 million, supported by lower turnaround activity.
The company expects the oil trading results to be weak in the quarter.
Net debt is projected to remain broadly flat from the previous quarter at about $26 billion.
This reflects the planned redemption of $1.2 billion in hybrid bonds on September 1, increased income tax payments of roughly $1 billion, and a working capital release.
Brent crude averaged $69.13 per barrel in the quarter, up from $67.88 in the second quarter. Henry Hub gas prices declined to $3.07/mmBtu.
Investors can gain exposure to the stock via Precidian ETFs Trust BP plc ADRhedged (BATS:BPH) and Texas Capital Texas Oil Index ETF (NYSE:OILT).
Price Action: BP shares were trading lower by 2.70% to $32.79 premarket at last check Tuesday.
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