BP Q3 2026: Refining Surge Powers a 25% Earnings Beat
As seen on the 24/7 Wall St. homepage on October 30, 2026.
This is the peak quarter to price in: refining lifted BP's indicator margin to an average $46.70 a barrel versus $15.80 a year ago, beating expectations. Management already flagged a significantly lower customers result in the fourth quarter.
Continue ReadingShow less
A refining indicator margin of $46.70 per barrel, nearly triple the $15.80 a year earlier, carried BP's third quarter and flowed straight to the bottom line.
Adjusted earnings per share of $3.26 beat the $2.62 consensus, the widest margin above expectations in BP's past nine quarters.
Management has been explicit that this is the peak quarter, with a significantly lower customers result expected in the fourth quarter on seasonal volumes.
Sponsored
The sale of a 65% stake in Castrol to Stonepeak is expected to close imminently and generate approximately $6 billion net, anchoring full-year divestment proceeds guidance of around $8 billion.
BP also recorded $4.1 billion in pre-tax net impairments, concentrated in transition businesses including Lightsource bp and offshore wind, which investors will weigh going into Q4.