In its most recent third quarter earnings report, BP said it is reviewing its portfolio and has been selling off parts of the business to raise cash. It now expects proceeds from divestment in 2025 to be more than $4 billion and completed or announced asset sale agreements to reach around $5 billion this year.
“We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency,” Murray Auchincloss, chief executive officer of BP, said during the call. “There is much more to do but we are moving at pace and demonstrating that BP can and will do better for our investors.”
BP reported earlier this month that its profit for the 2025 third quarter was $1.2 billion, compared with $1.6 billion in Q2 2025.
“The reported result for the third quarter is adjusted for inventory holding losses of $0.1 billion (net of tax) and a net adverse impact of adjusting items of $1.0 billion (net of tax) to derive the underlying RC profit. Adjusting items include net impairments and losses on sale of businesses and fixed assets of $0.8 billion,” BP said.
BP said it would buy back an additional $750 million before reporting full-year figures, in line with the buybacks seen in the third quarter.
BP also reported an underlying RC profit for the quarter of $2.2 billion, compared with $2.4 billion for the previous quarter, which it said reflects higher profitability in the operating segments offset by a higher underlying effective tax rate (ETR) in the quarter of 39%, which includes changes in the geographical mix of profits.
“Higher quarter-on-quarter underlying RC profit before interest and tax was driven by significantly lower level of refinery turnaround activity, stronger realized refining margins and higher production, partly offset by a weak oil trading result, seasonal effects of environmental compliance costs, lower realizations and higher other businesses and corporate underlying charge,” BP said.
Earlier this month, The Wall Street Journal reported that BP said it has agreed to sell interests in its U.S. midstream assets to Sixth Street for $1.5 billion as it continues to look for ways to pay down net debt.
The company said that it would sell stakes in the assets, which are operated by its U.S. onshore oil and gas business BPX in the Permian and Eagle Ford basins. The deal includes approximately $1 billion paid upon signing, with the remainder expected by the end of the year, WSJ wrote.
Midstream assets are responsible for transportation, storage and processing of oil and gas before reaching end-markets.