- BP on Tuesday reported third-quarter net profit of $2.21 billion, beating analyst expectations.
- The results come just over eight months after the oil and gas company launched a fundamental strategic reset.
- BP has been seeking to regain investor confidence by slashing renewable spending and prioritizing its traditional oil and gas business.
British oil giant BP on Tuesday reported stronger-than-expected third-quarter profit, citing progress on divestments and its cost-cutting program.
The London-listed oil and gas major posted underlying replacement cost profit, used as a proxy for net profit, of $2.21 billion for July-September period. That beat analyst expectations of $2.03 billion, according to an LSEG-compiled consensus.
BP’s third-quarter net profit came in at $2.3 billion last year and $2.35 billion in the second quarter of 2025.
“We’ve delivered another quarter of good performance across the business with operations continuing to run well,” BP CEO Murray Auchincloss said in a statement.
“We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency,” he added.
BP also announced another $750 million in share buybacks over the next three months, maintaining the pace of its shareholder returns.
The oil major’s third-quarter net debt came in at $26.05 billion, broadly flat from the previous quarter, although up from $24.27 billion a year earlier.
The results come just over eight months after the company launched a fundamental strategic reset.
BP, which has been the subject of intense takeover speculation, is looking to regain investor confidence by slashing renewable spending and prioritizing its traditional oil and gas business.
Investors appear to have broadly welcomed the oil and gas major’s green strategy U-turn, with share prices up more than 13% year-to-date. The improving sentiment has also been attributed to the firm’s leadership shake-up, progress on its cost-cutting program and a string of recent oil discoveries.
BP on Monday announced it had agreed to sell minority stakes in some of its U.S. onshore pipeline assets in the Permian and Eagle Ford basins to private investor Sixth Street for $1.5 billion. BP has previously said it is targeting $20 billion in divestments by the end of 2027.
Last week, British rival Shell reported stronger-than-expected third-quarter profit, citing robust operational performance and higher trading contributions.
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