BP reports $2.3 billion profit in Q3, focusing on value over volume

From CNBC: 2024-10-29 03:19:15

British oil giant BP reported its weakest quarterly earnings in four years, with an underlying replacement cost profit of $2.3 billion for July-September, beating analyst expectations. CEO Murray Auchincloss stated a focus on value over volume and the energy transition. BP’s shares have fallen 14% year-to-date, sparking investor concerns. BP scrapped its pledge to reduce oil and gas production by 2030, aiming to prioritize profitable fossil fuel operations. The company plans new investments in the Middle East and Gulf of Mexico to boost output. BP aims to deliver as a simpler, more focused, and higher value company. Shell and TotalEnergies are set to report quarterly results, with Exxon Mobil and Chevron to follow. Equinor reported a 13% drop in adjusted operating income.



Read more at CNBC:: British oil giant BP posts $2.3 billion in third-quarter profit