BP Flags Up to $4.5 Billion in Third-quarter Impairments for Transition Businesses

04:53 AM EDT, 10/13/2026 (MT Newswires) -- BP (BP.L) expects to incur impairments of $3 billion to $4.5 billion in its third-quarter results, mainly related to transition businesses in the gas and low-carbon energy segment. The post-tax adjusting impairments will be excluded from underlying replacement cost profit for the three-month period, the oil major disclosed on Tuesday. Reported upstream production for the period is expected to range from 2.19 million barrels of oil equivalent a day to 2.24 million boe/d, mainly reflecting the recovery of seasonal maintenance activity, partly offset by a reduced equity interest in Latin America. This compares with 2.2 million boe/d achieved in the second quarter. Production in the gas and low-carbon energy segment is projected between 775,000 boe/d and 795,000 boe/d. In the previous quarter, the segment produced 765,000 boe/d. Oil production and operations are projected between 1.42 million boe/d and 1.45 million boe/d, versus 1.44 million boe/d in the second quarter. Refining margins for the quarter are expected to remain strong, ranging between $1.9 billion and $2.1 billion. BP said its third-quarter metrics reflect the ongoing Middle East crisis but exclude the impact of weather events in the Gulf of Mexico. The company's shares were up more than 1% during early trading in London.