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Release date:

2 November 2021

Our results for the third quarter show solid performance and continuing momentum across our strategic focus areas. We’re delivering the energy the world needs today while preparing bp for the future

3Q 2021 results: performing while transforming

Strong underlying results and cash flow underpins continued net debt reduction: $3.3bn underlying replacement cost profit; $6.0bn operating cash flow including $1.8bn working capital; $32.0bn net debt

Delivering on commitment to distributions: 5.46 cents dividend per ordinary share for 3Q21; $1.4bn buyback executed from 1H21 surplus cash flow; $1.25bn additional buyback announced

“This has been another good quarter for bp – our businesses are generating strong underlying earnings and cash flow while maintaining their focus on safe and reliable operations. Rising commodity prices certainly helped, but I am most pleased that, quarter by quarter, we’re doing what we said we would – delivering significant cash to strengthen our finances, grow distributions to shareholders, and invest in our strategic transformation.”

Bernard Looney

Bernard Looney, chief executive officer

Resilient & focused hydrocarbons: Oil and gas production and refining are core to our strategy, helping us to deliver for shareholders today and transform for tomorrow

Super 6: Our six-year programme of major projects was completed on schedule and, on average, around 15% under budget

Cutting emissions: Our US onshore team at BPX Energy has cut Permian methane flaring intensity by more than 90% since we acquired the assets in 2018

Convenience & mobility: our fast-growing fuels, food and future mobility business aims to offer the best customer experience on the roadside

Positive charge: We installed more chargers this quarter and we’re seeing a big jump in the sale of electricity for our customers’ EVS – up 45% on last quarter

Kerbside convenience: Doors opened at the first Jio-bp Mobility Station in India – soon to be followed by 1,400 more as Reliance’s existing network rebrands as part of our fuels and mobility joint venture

Low carbon electricity & energy: Our existing natural gas portfolio brought together with our growing renewables pipeline and emerging positions in hydrogen and CCUS

Powering towards renewables: Our renewables pipeline keeps on growing and our solar joint venture, Lightsource bp, stretched its own target from 20GW to 25GW by 2025

Low carbon solutions: We partnered with ADNOC and Masdar to unlock opportunities in the UAE and the UK and welcomed the UK Government’s early backing of the East Coast Cluster – great news for jobs, emissions, and hydrogen

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