Key facts
- BP's third-quarter profit of $8.46 billion beat analyst expectations of $7.33 billion.
- Net debt was reduced by $8.4 billion, meeting a target a year early.
- Deepwater Horizon oil spill payables and provisions stood at $5.94 billion.
BP posted third-quarter underlying replacement cost profit of $8.46 billion on Friday, significantly higher than $2.2 billion a year ago and exceeding analyst expectations of $7.33 billion. The energy company attributed the surge primarily to "significantly higher realised refining margins and significantly higher gas and marketing trading result." Disruptions in oil and gas markets, including refinery issues in the Gulf region and Russia, have driven up fuel prices. BP plans to use excess cash flow to address remaining liabilities from the 2010 Deepwater Horizon oil spill, which stood at $5.94 billion.