The BP logo is displayed on a petrol tanker delivering fuel at a petrol station in Shepton Mallet on October 20, 2025 in Somerset, England.
Anna Barclay | Getty Images News | Getty Images
British oil giant BP on Tuesday reported stronger-than-expected third-quarter profit, citing progress on divestments and its cost-cutting program.
The London-listed oil and gas major posted underlying replacement cost profit, used as a proxy for net profit, of $2.21 billion for July-September period. That beat analyst expectations of $2.03 billion, according to an LSEG-compiled consensus.
BP’s third-quarter net profit came in at $2.3 billion last year and $2.35 billion in the second quarter of 2025.
The results come just over eight months after the company launched a fundamental strategic reset.
BP, which has been the subject of intense takeover speculation, is looking to regain investor confidence by slashing renewable spending and prioritizing its traditional oil and gas business.
Investors appear to have broadly welcomed the oil and gas major’s green strategy U-turn, with share prices up more than 13% year-to-date. The improving sentiment has also been attributed to the firm’s leadership shake-up, progress on its cost-cutting program and a string of recent oil discoveries.
BP on Monday announced it had agreed to sell minority stakes in some of its U.S. onshore pipeline assets in the Permian and Eagle Ford basins to private investor Sixth Street for $1.5 billion. BP has previously said it is targeting $20 billion in divestments by the end of 2027.
Last week, British rival Shell reported stronger-than-expected third-quarter profit, citing robust operational performance and higher trading contributions.
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