British energy group BP on Tuesday reported a sharp rise in net profit for the third quarter, as it presses on with its turnaround plan, offsetting falling oil 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 earnings statement.
Stripping out exceptional items, underlying net profit dipped but beat analysts’ forecasts.
“We continue to make good progress to cut costs, strengthen our balance sheet, and increase cash flow and returns,” said chief executive Murray Auchincloss.
“There is much more to do, but we are moving at pace, and demonstrating that BP can and will do better for our investors,” he added.
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.
However, energy prices have come under pressure this year on concerns that US President Donald Trump’s tariffs will hurt economic growth, while OPEC+ nations have produced more oil.
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BP on Tuesday said it expects divestments for the full year to be higher than forecast, as it looks to simplify its business and boost performance.
British rival Shell last week reported a jump in third-quarter net profit as trading margins and sales volumes improved.
AFP
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