- BP estimates its Q3 refining indicator margin at $46.7 per barrel, up from $29.6 in Q2 and $15.8 a year ago.
- BP expects Q3 net debt of $13.5-14.4 billion, hitting its $14-18 billion target about a year early. The SEC trading statement gives $13.5-14.5 billion.
- BP flags $3-4.5 billion in post-tax impairments, mainly in transition businesses within gas and low carbon energy. BP declined to give details of the writedowns.
- The higher refining margin is expected to lift BP's products segment profit by $1.9-2.1 billion versus Q2.
- BP shares rose 3.7% to their highest since April 2010, outperforming a 0.8% rise in an index of European energy companies.
- BP reports full Q3 results on Oct 30 and holds a strategy and outlook update on Dec 15 in New York.
Quotes
“We would imagine the house is now clean, but we also thought that last quarter”
“has been the most levered for more than a decade”