BP’s JERA Nex BP joint venture has agreed to purchase EnBW’s 50% equity interest in the 1.3 GW Mona offshore wind farm located in the Irish Sea. The deal, announced on Friday, includes a 25-year lease agreement with the Crown Estate for seabed rights and will see JERA Nex BP assume full operational control ahead of first power in 2027. Financial terms were not disclosed, but BP said the transaction will be funded from within its existing renewables budget of $8 billion through 2025 and is expected to deliver an internal rate of return in excess of 8%.

BP now anticipates fourth-quarter 2025 upstream production of approximately 2.25 million barrels of oil equivalent per day, in line with third-quarter volumes. The company has maintained its full-year production guidance at 2.2–2.3 million boe/d and lifted its full-year 2025 effective tax rate forecast to roughly 20% from 18% previously. BP also flagged weaker price realizations, projecting an average upstream oil price of $64 per barrel in Q4 versus $68 in Q3, and has booked impairments of $500 million on certain midstream and exploration assets. Net debt declined by $3.5 billion sequentially to $27.8 billion, marking the lowest level since Q2 2024.

In a note to clients, Citi analysts described BP’s fourth-quarter 2025 trading statement as operationally in line but cautioned that refining margin compression and softer realised prices will exert near-term pressure on earnings. They forecast a 5% year-on-year drop in adjusted earnings per share for the quarter and stress that, while net debt to EBITDA has improved to 0.25x from 0.30x in Q3, management may need to defer further share buybacks if market conditions do not improve by mid-2026.