BP's Third-Quarter Profit Nearly Quadruples to $8.5 Billion on Refining Windfall

BP reported underlying replacement cost profit of $8.5 billion for the third quarter, up from $2.2 billion a year earlier and well above the $6.2 billion analysts surveyed by LSEG had expected. The refining indicator margin climbed to $46.70 a barrel from $29.60 in the second quarter.

Operating cash flow for the first nine months reached $28.55 billion, compared with $16.89 billion a year ago, and net debt fell to $13.87 billion from $26.05 billion. The company still owes $5.9 billion tied to the Deepwater Horizon settlement.

CEO Meg O'Neill cautioned that refining margins are starting to soften as the summer driving season ends. BP shares were trading near $50.56 in premarket action, up less than 1%. BP is a holding in the Dyatome Capital portfolio.