BP's third-quarter underlying replacement cost profit rose 48% from the previous quarter to $8.5 billion. Stronger refining margins, gas marketing and trading, and better operations drove the gain. Operating cash flow increased to $14.8 billion. Net debt fell by about $8.4 billion to $13.9 billion, and broader financial obligations dropped to $44.3 billion. BP expects those obligations to reach $33 billion to $35 billion by the end of 2026. The company booked $4 billion in post-tax impairments, mainly on transition businesses. It declared a dividend of $0.0866 per share, which chief executive officer Meg O'Neill called its first call on cash flow. BP will give a broader strategy update in December.

BP's third-quarter underlying replacement cost profit rose to $8.46 billion from $2.2 billion a year earlier, driven by much higher refining margins. The figure beat the company-compiled consensus of $7.33 billion. Profit attributable to shareholders was $4.70 billion, versus $1.2 billion, after net impairments of $4.0 billion after tax. Operating cash flow reached $14.83 billion. Net debt fell by $8.4 billion to $13.87 billion. BP put excess cash toward the balance sheet instead of buybacks and held its quarterly dividend at 8.66 cents a share. "We have now delivered our net debt and structural cost reductions targets," chief executive officer Meg O'Neill said, adding that "we are still too leveraged." BP also said it will prioritise excess cash to settle its remaining Deepwater Horizon liabilities in full.

BP will report third-quarter results on October 30, with its shares at a 52-week high of $51.49 as oil prices climb. Brent crude settled at $116.72 a barrel on October 23, its highest in nearly six months, after Houthi attacks in Saudi Arabia raised supply fears. BP's refining indicator margin rose to $46.70 a barrel from $29.60 in the second quarter. It expects stronger refining margins to add $1.9 billion to $2.1 billion to Products' profit, and gas marketing and trading results to be significantly higher. However, BP expects $3 billion to $4.5 billion in post-tax impairments, mostly in transition businesses. It will also pay Louisiana about $350 million early under the Deepwater Horizon settlement. Analysts expect third-quarter earnings per share of $2.66, up 212.9% year over year.