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BP said it was accelerating overhaul efforts with the goal of selling more parts of the business and cutting further costs as it reported a smaller-than-expected decline in quarterly profit.
The oil giant reported underlying replacement cost profit, the group’s preferred earnings measure, of US$2.21 billion (£1.68 billion) for the three months to September 30.
This was down 3% from a year earlier, and 6% from the previous quarter, but better than the US$2.02 billion (£1.54 billion) expected by most analysts.
BP Chief Executive Murray Auchincloss said: “We want to accelerate the delivery of our plans, which include undertaking a thorough review of our portfolio for simplification and aiming to further improve cost performance and efficiency.”
The energy giant has recently revealed a major cost-cutting drive which will see thousands of roles eliminated due to pressure to boost profits.
BP is also selling parts of the business to raise cash and said it now expects divestment proceeds to exceed US$4 billion (£3.05 billion) in 2025 and asset sale agreements completed or announced this year to reach around US$5 billion (£3.81 billion).
Mr Auchincloss said: “There is still much to do but we are moving forward at pace, and demonstrating that BP can and will do better for our investors.”
BP Group said it would buy back US$750 million (£572 million) before reporting full-year figures, in line with buybacks seen in the third quarter.
Earlier this year the business unveiled a new growth strategy focused on extracting more oil and gas, focusing on green energy and reducing spending on renewable energy.
With activist investor Elliott Management recently taking a 5% stake in the group, it is under pressure from shareholders to boost profits and cut costs.
In August, it revealed it expected to shed 6,200 jobs – about 15% of its office-based workforce – which is up from 4,700 cuts announced at the beginning of the year, with a focus on artificial intelligence (AI) to help drive cost efficiency.
BP also said at the time that it had reduced 3,200 contractor roles since January, with a further 1,200 to be removed by the end of 2025.
The third quarter figures come after fellow FTSE 100 oil giant shell Profits also declined amid low oil prices, although Shell also reported better-than-expected profits amid increased sales volumes and trading margins.
Average prices for benchmark Brent crude fell 13% year-on-year in the third quarter.
BP’s half-year results in August showed profits falling by almost a third as weak oil prices hit earnings, although it delivered a better-than-expected second quarter.
On Tuesday, it said its customers and products division posted better-than-expected profit of US$1.72 billion (£1.31 billion) before interest and tax, up from US$381 million (£290 million) last year, helped by higher refining margins.