British oil giant BP announced a further share buyback on Tuesday as it reported an $8.2 billion (£7.1 billion) profit for the third quarter.
The third quarter underlying replacement cost profits—a measure that oil companies often use—were slightly down from the second quarter’s $8.5 billion (£7.4 billion) owing to dropping oil and gas prices, but more than double the amount made in the third quarter last year of $3.3 billion (£2.9 billion).
The profit reported for the first nine months of 2022 is $23 billion (£20 billion), more than double the $9 billion (£8 billion) of the same period in the previous year.
The London-listed company said its net debt has fallen for the 10th successive quarter to reach $22 billion (£19 billion) at the end of the third quarter….