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BP reported better than expected quarterly profits on Tuesday, as chief executive Murray Auchincloss presses ahead with a plan to refocus the company on its core oil and gas businesses.
In its third-quarter results, BP reported underlying profits of $2.2bn, down from $2.3bn in the same period a year earlier, but ahead of analysts’ forecasts of $1.98bn.
Auchincloss is pivoting BP back to its core oil and gas business after an aggressive push into green energy. The ill-fated strategy dismayed some shareholders, including activist investor Elliott Management.
In an effort to improve its performance and simplify the business, BP has set a target of raising $20bn from asset sales by 2027. Last month, the oil major’s new chair Albert Manifold backed Auchincloss’s strategy but said the execution needed to be quicker.
During the third quarter, the price of Brent crude averaged around $69 a barrel, down from $80.34 during the same period in 2024, partly owing to Opec countries unwinding production cuts.
