BP third-quarter profit rises sharply on refining margins

BP reported underlying replacement cost profit of about $8.5 billion to $8.6 billion for the third quarter, nearly four times the year-earlier figure of $2.2 billion, according to the company. The result beat analyst estimates of roughly $6.2 billion to $7.3 billion. BP said its average refining indicator margin rose to $46.7 per barrel from $29.6 in the second quarter. Net debt fell to $13.9 billion from $22.2 billion three months earlier, and operating cash flow for the first nine months reached $28.55 billion. BP said refining margins are expected to stay elevated in the fourth quarter, and CEO Meg O'Neill commented on energy market volatility.