British energy giant BP on Tuesday reported a sharp rise in net profit for the third quarter as higher oil output and cost-cutting helped offset a drop in crude prices.<\/p>\n\n\n\n
Profit after tax jumped to $1.16 billion for the July-September period, compared with $206 million in the third quarter of 2024, BP said in an earnings statement.<\/p>\n\n\n\n
Stripping out exceptional items, underlying net profit dipped but beat analysts\u2019 forecasts.<\/p>\n\n\n\n
\u201cWe continue to make good progress to cut costs, strengthen our balance sheet and increase cash flow and returns,\u201d said chief executive Murray Auchincloss. <\/p>\n\n\n\n
\u201cThere is much more to do but we are moving at pace, and demonstrating that BP can and will do better for our investors,\u201d he added.<\/p>\n\n\n\n
In February, BP launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment.<\/p>\n\n\n\n
However, energy prices have come under pressure this year on concerns that US President Donald Trump\u2019s tariffs will hurt economic growth, while OPEC+ nations have produced more oil.<\/p>\n\n\n\n
BP shares dipped around 0.2 percent in early trading on London\u2019s top-tier FTSE 100 index following the results update.<\/p>\n\n\n\n
\u2013 \u2018Back-to-basics\u2019 \u2013<\/p>\n\n\n\n
British rival Shell last week reported a jump in third-quarter net profit as trading margins and sales volumes improved.<\/p>\n\n\n\n
France\u2019s TotalEnergies also posted soaring net profit, while US oil giants ExxonMobil and Chevron both reported lower earnings.<\/p>\n\n\n\n
Weaker oil prices hit Saudi Aramco, which reported on Tuesday a 2.3-percent drop in quarterly net profit.<\/p>\n\n\n\n
As for BP, its latest quarter benefited from higher oil and gas production and improved refining margins. <\/p>\n\n\n\n
The company said it expects divestments for the full year to be higher than forecast, as it looks to simplify its business and boost performance.<\/p>\n\n\n\n
That comes after BP on Monday announced that it had agreed to sell stakes in certain US shale assets for $1.5 billion.<\/p>\n\n\n\n
\u201cThe back-to-basics mantra is sticking,\u201d said Derren Nathan, head of equity research at Hargreaves Lansdown.<\/p>\n\n\n\n
He warned, however, that \u201cpatience will be needed for those hoping for a return to bumper payouts to shareholders\u201d.<\/p>\n\n\n\n
\u201cWith no further hikes to production expected in the final quarter of the year, and oil prices near three-year lows, the immediate outlook is a little shaky,\u201d he added.<\/p>\n\n\n\n
BP maintained its quarterly share buybacks at $750 million.<\/p>\n\n\n\n
Auchincloss said the company was \u201ctargeting further improvements in cost performance and efficiency\u201d, and \u201cundertaking a thorough review of our portfolio\u201d.<\/p>\n\n\n\n
BP in July named Albert Manifold as its new chairman, replacing Helge Lund, whose departure was announced amid the strategy reset.<\/p>\n","protected":false},"excerpt":{"rendered":"
British energy giant BP on Tuesday reported a sharp rise in net profit for the third quarter as higher oil output and cost-cutting helped offset a drop in crude prices. Profit after tax jumped to $1.16 billion for the July-September period, compared with $206 million in the third quarter of 2024, BP said in an […]<\/p>\n","protected":false},"author":1,"featured_media":8841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[3812,193,3813],"class_list":["post-8840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bp","tag-news","tag-profit"],"_links":{"self":[{"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/posts\/8840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8840"}],"version-history":[{"count":1,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/posts\/8840\/revisions"}],"predecessor-version":[{"id":8842,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/posts\/8840\/revisions\/8842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/media\/8841"}],"wp:attachment":[{"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}