BP Forecasts Revised as RBC Notes Better-than-expected Q3 Operational Indicators

08:43 AM EDT, 10/13/2026 (MT Newswires) -- RBC Capital Markets revised its estimates for BP (BP.L) after the oil and gas giant delivered a "solid" third-quarter trading update with better-than-expected operational indicators for the period. "It looks to be a particularly strong quarter for the downstream, with refining running at close to full utilisation, and high capture rates. This was supported by strong trading across oil and gas, with gas trading being 'significantly higher' qoq. Overall, operational indicators were better than our estimates, while BP has also guided to a 30% tax rate for the quarter, reflecting the increased contribution from trading (RBCe prior estimate 34%)," analysts said Tuesday. In its trading update, the company also announced additional impairments of $3 billion to $4.5 billion related to its transition businesses, RBC noted. Taking these into account, the research firm increased its adjusted EBIT estimate for the quarter to $12.4 billion from $11.9 billion, along with higher expected underlying cash flow from operations. For full-year 2026, RBC raised its EPS forecast by 3.7%. The stock is rated outperform, with a price target of 7 pounds sterling. BP is scheduled to release its full third-quarter results on Oct. 30.