BP Profit Quadruples to $4.7 Billion on War-Driven Refining Margins; Net Debt Falls $8.4 Billion

BP's profit attributable to shareholders rose to $4.7 billion for the July-to-September period, four times the $1.16 billion reported a year earlier, the company said Friday, as disruption from the Iran war lifted refining and trading earnings. Underlying replacement cost profit, the metric investors use to judge BP, nearly quadrupled to $8.5 billion from $2.2 billion, beating the $6.2 billion analysts expected. The figure excludes $4 billion of writedowns this quarter, mostly on "transition businesses." Net debt fell to $13.9 billion from $22.3 billion three months earlier, aided by the February suspension of share buybacks. BP kept its quarterly dividend at 8.66 cents a share. CEO Meg O'Neill, who took over in April, cited "a strong set of results, supported by the higher-price, higher-margin environment." BP said it will prioritize spare cash to settle remaining Deepwater Horizon liabilities after agreeing last week to accelerate $16 billion in payments to Louisiana. O'Neill unveils her strategy on 15 December. BP shares were up 0.3% in early trading Friday.