BP plc (NYSE:BP) posted an underlying replacement cost (RC) profit of $2.21 billion for the third quarter, coming in slightly ahead of analyst estimates of $2.02 billion, though just below the $2.27 billion reported a year earlier.
The company kept its quarterly share buyback program steady at $750 million and reaffirmed plans to complete roughly $5 billion in asset disposals by year-end. BP reported net profit of $2.3 billion, compared with $2.35 billion in the previous quarter. Operating cash flow reached $7.8 billion, while adjusted EBITDA rose to $9.98 billion, up from $9.65 billion in the same period last year.
“We’ve delivered another quarter of good performance across the business with operations continuing to run well,” said Murray Auchincloss, BP’s Chief Executive Officer. “We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency,” he added.
At the end of the quarter, net debt was $26.05 billion, broadly in line with the prior quarter but higher than $24.27 billion recorded a year ago. The latest results come as BP continues to execute on its strategic reset introduced earlier this year, focused on streamlining its business, boosting efficiency, and improving returns to shareholders.