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BP Reduces Net Debt by $8bn, Achieves 2027 Target Early
October 14, 2026
British energy major BP has reduced its net debt by around $8bn in 3Q2026, supported by stronger performance in its energy trading and refining businesses. Net debt declined to $13.5-14.5bn at the end of September from $22.3bn in June, allowing the company to achieve its 2027 target of $14-18bn ahead of schedule. The reduction comes before BP receives proceeds from its planned asset sales. Higher oil prices and supply disruptions from the Iran conflict and attacks on Russian refineries have benefited BP’s trading and refining operations. Refining margins reached nearly $47/bbl, their highest level in two years, while gas trading performance improved significantly during the quarter. Under CEO Meg O’Neill, BP has been focusing on reducing debt through asset sales and tighter spending controls. The company had also suspended share buybacks in February to strengthen its balance sheet. Separately, BP expects to record impairment charges of $3-4.5bn, primarily related to its energy transition businesses. BP will announce its 3Q2026 results on October 30, followed by a strategy update on December 15.
BP’s bonds were trading stable with its 4.875% Perp at 96.4, yielding 6.1%.
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– Ritish G
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