Key facts
- BP's third-quarter profit quadrupled to a record $8.6 billion.
- Refining margins averaged $46.7 per barrel, up from $29.6 in the prior quarter.
- Net debt was reduced by $10 billion to $13.9 billion.
- CEO Meg O'Neill stated that debt and cost reduction targets have been met.
BP reported a record third-quarter profit of $8.6 billion, nearly quadrupling from a year earlier, driven by strong refining margins and oil and gas trading. The company's profit significantly surpassed analyst expectations and the previous quarter's earnings. BP's average refining indicator margin soared to $46.7 per barrel in the third quarter, up from $29.6 in the second quarter and $15.8 a year ago. Operating cash flow doubled to $14.8 billion, allowing BP to slash net debt by nearly $10 billion to $13.9 billion. Unlike peers, BP has not increased shareholder payouts, prioritizing debt reduction.