BP Lubricants Q3 Report 2023

For the third quarter we delivered strong operational performance, with upstream plant reliability and refining availability at around 96% year to date. This came on top of 3% volume growth year-to-date and 6% decline in unit production costs. Underlying earnings were $3.3 billion and we delivered robust operating cash flow of $8.7 billion, including a working capital release of $2.0 billion.

We are executing against our disciplined financial frame. Today we have announced a further $1.5 billion share buybacks. This reflects the confidence in our performance and the outlook for cash flow.

For the third quarter, we reported an underlying replacement cost profit of $3.3 billion compared to $2.6 billion last quarter.

Compared to the second quarter:

• In gas and low carbon energy the result reflects a weak gas marketing and trading result, following the exceptional performance in the first half of 2023.
• In oil production and operations, the result reflects higher oil and gas realisations, despite the impact of price-lags on Gulf of Mexico and UAE realisations, and higher production.
• And in customers and products, the products result reflects a higher realised refining margin, a lower level of turnaround activity, and a very strong oil trading result. In our customers business we continue to show strong
  momentum in convenience and aviation, benefitting from seasonally higher fuel volumes partially offset by lower margins given the rising cost of supply.