BP posts net income of $8.46 billion, beating expectations
BP•BP reported third-quarter underlying replacement cost profit of $8.46 billion, above analysts’ $7.33 billion expectation and up from $2.2 billion a year earlier. Net debt fell by $8.4 billion to $13.9 billion, meeting the company’s reduction target a year early.
1. Profit and cash flow
BP reported third-quarter underlying replacement cost profit of $8.46 billion, compared with $7.33 billion expected in a company-provided analyst poll and $2.2 billion a year earlier. Operating cash flow was $14.8 billion.
2. Debt and liabilities
Net debt fell by $8.4 billion to $13.9 billion, meeting BP’s target a year early. CEO Meg O’Neill said the company had delivered its net debt and structural cost reduction targets and had line of sight on two remaining primary financial targets for 2027. BP said it would use excess cash flow to address remaining Deepwater Horizon oil spill liabilities in full; payables and provisions stood at $5.94 billion.
