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flag BP's Q3 profit beat estimates, driven by refining gains, as it accelerates restructuring, cuts jobs, and boosts oil output.

flag BP posted third-quarter underlying profit of $2.21 billion, slightly above analysts’ expectations, driven by stronger refining margins despite a 13% year-on-year drop in oil prices. flag The company raised its 2025 asset sale target to over $4 billion, with $5 billion in deals completed or announced, including a $1.5 billion sale of U.S. midstream stakes to Sixth Street. flag BP is accelerating its strategic overhaul, cutting over 4,700 jobs—using AI to drive savings—and increasing focus on oil and gas production while scaling back renewables. flag It maintained a $750 million share buyback and aims to reduce net debt to $14–18 billion by 2027 amid pressure from activist investor Elliott Management.

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