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BP PLC on Wednesday said it will take a sizeable charge relating to its energy transition businesses against the fourth quarter of 2025, but the oil major reported progress on lowering debt. BP said fourth quarter results are expected to include impairments of $4 billion to $5 billion, attributable to the gas and low-carbon energy segment. The oil trading result is expected to be ‘weak’ in the recent quarter and the gas marketing and trading result ‘average’, the London-based company said. Upstream production in the quarter is expected to be broadly flat compared to the prior quarter, with production broadly flat in oil production & operations and lower in gas & low carbon energy. In the gas & low carbon energy segment, realisations, compared to the prior quarter, are expected to have a negative impact of $100 million to $300 million, including changes in non-Henry Hub natural gas marker prices. In oil production & operations, realisations, compared to the prior quarter, are expected to have a negative impact of $200 million to $400 million including the impact of the price lags on BP’s production in the Gulf of Mexico and the United Arab Emirates. In the customers segment, fourth-quarter results are expected to be influenced by seasonally lower volumes and broadly flat fuels margins. While in products, stronger refining margins of around $100 million are offset by the temporary impact of reduced capacity following a fire at the Whiting refinery. Net debt at the end of the fourth quarter is expected to be between $22 billion to $23 billion, down from $26.1 billion at the end of the third quarter. This includes proceeds received from sales of around $3.5 billion, bringing the full year amount to around $5.3 billion compared to the previous guidance of above $4 billion. Shares in BP were 1.0% lower at 432.58 pence each in London on Wednesday morning. The wider FTSE 100 index was up 0.3%. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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