BP reported an underlying replacement cost profit of $2.3 billion for Q3 2024, down from $2.8 billion in Q2 2024 and $3.3 billion in Q3 2023. The decrease reflects weaker realized refining margins, a weak oil trading result, and lower liquids realizations, partially offset by higher gas realizations. Operating cash flow was $6.8 billion, while net debt increased to $24.3 billion.The company maintained its commitment to shareholder returns, announcing a dividend of 8 cents per share and a $1.75 billion share buyback for Q3 2024, as part of its $3.5 billion commitment for H2 2024. BP remains focused on delivering at least $2 billion in sustainable cash cost savings by end-2026 relative to 2023.Operationally, upstream production reached 2.4 mmboe/d with 95.6% refining availability in Q3. The company made strategic progress with new partnerships, including memorandums of understanding with SOCAR for exploration blocks offshore Azerbaijan and a redevelopment program for Iraq's Kirkuk region. BP completed the acquisitions of bp Bunge Bioenergia and Lightsource bp in Q4, taking full ownership of both entities.

BP reported an underlying replacement cost profit of $2.3 billion for Q3 2024, down from $2.8 billion in Q2 2024 and $3.3 billion in Q3 2023. The decrease reflects weaker realized refining margins, a weak oil trading result, and lower liquids realizations, partially offset by higher gas realizations. Operating cash flow was $6.8 billion, while net debt increased to $24.3 billion.The company maintained its commitment to shareholder returns, announcing a dividend of 8 cents per share and a $1.75 billion share buyback for Q3 2024, as part of its $3.5 billion commitment for H2 2024. BP remains focused on delivering at least $2 billion in sustainable cash cost savings by end-2026 relative to 2023.Operationally, upstream production reached 2.4 mmboe/d with 95.6% refining availability in Q3. The company made strategic progress with new partnerships, including memorandums of understanding with SOCAR for exploration blocks offshore Azerbaijan and a redevelopment program for Iraq's Kirkuk region. BP completed the acquisitions of bp Bunge Bioenergia and Lightsource bp in Q4, taking full ownership of both entities.