BP Profit Beats in Sign That Turnaround Is Gathering Pace

BP Plc’s profit exceeded expectations, with operational improvements and higher oil and gas production outweighing lower prices, as the company’s turnaround plan builds momentum.

The British energy giant posted adjusted third-quarter net income of $2.21 billion, higher than the average analyst estimate of $1.98 billion. Its quarterly share buyback plan was maintained and net debt rose slightly.