British oil giant BP reported a stronger-than-expected third-quarter profit of $2.21 billion, beating analyst expectations. The company’s net profit was $2.3 billion last year and $2.35 billion in the second quarter of 2025. BP also announced $750 million in share buybacks over the next three months. CEO Murray Auchincloss highlighted good performance and plans for portfolio simplification.

BP’s third-quarter net debt remained flat at $26.05 billion, up from $24.27 billion a year earlier. Eight months after a strategic reset, the company is focusing on traditional oil and gas business, slashing renewable spending. Share prices have risen over 13% this year, attributed to leadership changes, cost-cutting progress, and recent oil discoveries.

In a move to reach its $20 billion divestment target by 2027, BP agreed to sell minority stakes in U.S. onshore pipeline assets for $1.5 billion. British rival Shell also reported stronger-than-expected third-quarter profit last week, citing robust operational performance and higher trading contributions. Stay tuned for updates on this breaking news.

Read more at CNBC: BP beats third-quarter profit expectations despite weaker oil prices