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BP plc | Q3 2025 Earnings Presentation | Craig Marshall; Kate Thomson; Murray Auchincloss | Page 5 of 11 | March 14, 2026

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toolButton prevButton nextButton prevKeyButton nextKeyButton prevKeyButton nextKeyButton byDateAscButton byDateDescButton byCompanyNameAscButton byCompanyNameDescButton hidden hidden		Document: "Q3 2025 Earnings Presentation" View Full Document		× Search Selection Search by Text Search Search by Slide Search Cross reference your docFinder results against PLS' extensive news archives. For demo or training contact Melwyn Oommen, melwyn.oommen@drillinginfo.com
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2Q 202 financial results 3Q 202 financial results Strong operations and strategic progress Significant progress in upstream Good earnings and cash generation Improved reliability and profitability in downstream Continued progress on divestments; disciplined capital allocation Thanks Craig. We have delivered another quarter of good earnings and cash generation, with operations continuing to run well and strong strategic progress being made. In the upstream, we have now started up six new oil and gas major projects in 202, four of which were brought online ahead of schedule. Our success in exploration continued in 3Q with two more discoveries growing our options for the future and enabling quality through choice. In the downstream, underlying earnings in the first nine months were around 40% higher than the same period in 2024. In customers, we delivered our highest 3Q on record, and refining captured a better margin environment. We are making progress on delivering the $20 billion of gross proceeds from our disposal programme. Following the announced divestment of non-controlling interests in Permian and Eagle Ford midstream assets, proceeds from divestments completed or announced to date are now expected to be around $ billion. We continue to allocate capital with discipline. Full year capex remains around $14. billion, with organic capex on track to be below $14 billion. We also redeemed $1.2 billion of hybrid bonds in the quarter while holding net debt flat. We continue to make progress towards our four primary targets, but know there is more to do to accelerate delivery, drive simplicity and efficiency across our