BP Earnings Top Forecasts Despite Weaker Oil Prices and Refining

BP NYSE BP booked third-quarter earnings above analyst expectations, although the profit was lower from a year earlier and the second quarter amid weaker oil prices and low refining margins. BP reported on Tuesday an underlying replacement cost RC profit – its key earnings metric closest to net profit – of $2.3 billion for the third quarter, down by 30% compared to the same period of 2023 and down from $2.8 billion for the previous quarter.

Shell, which reports Q3 results on Thursday, has also warned that lower refining margins and a loss in its chemicals business would weigh on its third-quarter earnings. At BP, net debt rose to $24.3 billion, up from $22.6 billion at the end of the second quarter, primarily driven by lower operating cash flow, higher capital expenditures, and lower divestment and other proceeds, the UK-based supermajor said. Despite the lower earnings and higher debt, BP announced a $1.

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