BP reports Q3 underlying EPS 85c, consensus 63c

Reports Q3 revenue $49.3B, consensus $41.25B. CEO Murray Auchincloss said, “We’ve delivered another quarter of good performance across the business with operations continuing to run well. All six of the major oil and gas projects planned for 2025 are online, including four ahead of schedule. We’ve sanctioned our seventh operated production hub in the Gulf of America and have had further exploration success. We delivered record 3Q underlying earnings in customers and refining captured a better margin environment. Meanwhile, we expect full year divestment proceeds to be higher – underpinned by around $5 billion of completed or announced disposal agreements. We continue to make good progress to cut costs, strengthen our balance sheet and increase cash flow and returns. We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency. There is much more to do but we are moving at pace, and demonstrating that bp (BP) can and will do better for our investors”