Energy giant BP exceeded analyst expectations by reporting a profit of $2.21 billion in the third quarter. Strong performance across the company’s units offset the impact of falling crude oil prices.
However, there was no update regarding the sale of the Castrol oil brand, which investors were eagerly awaiting. This sale is central to BP’s $20 billion asset reduction plan.
CEO Murray Auchincloss stated regarding the sale process, “Interest is high, we are progressing well, we will inform you in due course.”
BP’s customer and product unit achieved a record profit of $1.7 billion, particularly thanks to high refinery margins.
The company recorded its best quarterly performance in the last 20 years, with its refinery utilization rate reaching 97%.New Chairman of the Board, Albert Manifold, called for a reshaping of the BP portfolio after taking office.
The company aims to increase profitability and reduce debt by refocusing on oil and gas.BP’s cash flow was $7.8 billion, while its net debt remained stable around $26 billion.
Across the sector, a 13% drop in oil prices dragged down the profits of competitors such as Shell, Total Energies, and Saudi Aramco. Despite this, BP outperformed its competitors with its refining and trading revenues.
