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Here is how BP (BP) and HighPeak Energy, Inc. (HPK) have performed compared to their sector so far this year.
BP delivered rapid deleveraging, aided by war-driven crude price spikes, but the upside is now capped at current valuations. Q3 refining margins surged to $46.7/bbl, boosting results, yet BP's leverage to refining is structurally reduced after asset sales. Net debt is set to fall dramatically to $13.5–$14.5B, with further proceeds from Castrol expected before year-end.
BP expects net debt to decline sharply in the third quarter of 2026 as stronger refining margins and gas trading support earnings despite lower oil prices.
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BP PLC (LSE:BP.), the FTSE 100 oil and gas group, expects third quarter net debt of $13.5 billion to $14.5 billion, down from $22.3 billion in the second quarter, in a guidance update published on Tuesday.
BP's share price has staged a strong recovery this year, rising from a low of 445.10p in July to its current level of 596.5p. This rebound has coincided with the ongoing surge in crude oil prices, as investors also await the unveiling of a new strategy by CEO Meg O'Neill.
BP PLC (LSE:BP.) expects third-quarter net debt to fall to between $13.5 billion and $14.5 billion from $22.3 billion at the end of the second quarter, while stronger refining margins are set to support earnings.
BP expects significantly higher gas trading in third quarter
BP (BP) reached $46.73 at the closing of the latest trading day, reflecting a +1.04% change compared to its last close.