London: BP has updated its third-quarter 2025 outlook, forecasting higher upstream oil and gas production, particularly from its U.S. onshore fields. This marks a reversal from its earlier projection of a slight decline. However, the company has indicated weaker performance in oil trading and average results in gas trading. Despite higher output, gas prices received were lower than before.

The company reported an increase in its refining indicator margin to $15.8 per barrel from $11.9, which is expected to contribute an additional $300–$400 million to its earnings. This gain is partially offset by compliance costs and an unplanned outage at the Whiting refinery due to flooding.

Brent crude oil prices averaged $69.13 per barrel during Q3, slightly up from the previous quarter. U.S. gas

See Full Page