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BP's Q3 profit beat estimates, driven by refining gains, as it accelerates restructuring, cuts jobs, and boosts oil output.
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.
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.
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.
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.
El beneficio del tercer trimestre de BP superó las estimaciones, impulsado por las ganancias de refinación, ya que acelera la reestructuración, recorta empleos y aumenta la producción de petróleo.