BP profit soars despite lower oil prices
British energy giant BP reported a sharp rise in third-quarter profit on Tuesday, as higher oil production and cost-cutting measures helped counter the impact of weaker crude prices.
Net profit for the July–September period surged to $1.16 billion, up from $206 million in the same quarter of 2024, the company said in its earnings statement, News.Az reports, citing foreign media.
Excluding exceptional items, underlying profit declined slightly but still exceeded analysts’ expectations.
“We continue to make good progress to cut costs, strengthen our balance sheet and increase cash flow and returns,” said BP 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.
Earlier this year, BP shifted focus back toward its core oil and gas operations, scaling back its clean energy targets and investments. The move came as the company sought to bolster profitability amid a challenging energy landscape.
Oil prices have softened this year amid fears that U.S. President Donald Trump’s tariffs could dampen global economic growth, while higher production from OPEC+ members has added to supply pressures.
BP shares slipped around 0.2% in early trading on London’s FTSE 100 index following the earnings release.
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