BP reported third-quarter underlying replacement cost profit of $8.46 billion. That was nearly four times its $2.2 billion profit in the same period last year. The result exceeded analyst expectations of around $7.33 billion.
Robust refining margins and solid performance from BPās oil and gas trading divisions drove the results.
Operating cash flow reached $14.8 billion. BP cut net debt by $8.4 billion, bringing it to $13.9 billion.
BP suspended its share buyback program for the year to prioritize strengthening its balance sheet. The company plans to provide a broader strategy update in December.