bp is reshaping its retail network, ahead of schedule, to exit about 10% of its company-owned sites, said Murray Auchincloss, CEO of bp, during the company’s third-quarter earnings call. With roughly 60% already under contract for sale, the convenience-store fuel and retail company is targeting efficiency in core markets.
Auchincloss said the company had record third-quarter earnings—ending Sept. 30—in customers and refining, with better profit margins. He added that bp is focused on cutting costs, strengthening the balance sheet and increasing cash flow while reviewing its business portfolio to simplify operations and improve efficiency.
- bp is No. 5 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count.
bp’s customers and products division earned $1.7 billion in underlying profit before interest and tax in the third quarter of 2025. That’s up from $381 million a year ago and $1.5 billion in the previous quarter.
The $200 million increase from last quarter came mainly from two areas: about $100 million more in the “customers” side, thanks to higher seasonal sales and smoother operations across fuels and supply, and roughly $70 million more in “products,” helped by stronger refining margins and fewer shutdowns for maintenance. The division’s oil trading business contributed less than expected.
For bp as a whole, net income was $1.2 billion in the third quarter. On an adjusted basis, removing inventory swings and one-time items, the company’s underlying profit was $2.2 billion, reflecting its core earnings from regular operations. Total group underlying profit before interest and tax was $5.3 billion, slightly higher than the previous quarter.
bp generated strong operating cash flow, at $7.8 billion, up $1.5 billion from the prior quarter, and kept net debt roughly steady at $26.1 billion.
Global energy company bp, which has U.S. headquarters in Chicago, owns TravelCenters of America and convenience-store brands ampm and Thorntons in the United States.
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