BP profit beats expectations, helped by refining margins

BP profit beats expectations, helped by refining margins

Oil major BP has today reported a smaller than expected fall in third-quarter underlying profit as higher refining margins partly offset the impact of lower crude prices.

Up 28%, and with a strong earnings update, is there more in the tank for the BP share price?

The BP (LSE: BP.) share price has bounced back strongly after hitting a three-year low in April. With Q3 results out today (4 November) showing further signs of improvement, I believe investors are starting to regain confidence in the company’s future prospects. Q3 numbers BP reported an underlying replacement cost profit of $2.2bn, down around $200m from the previous quarter. The decline was largely due to a higher tax rate. Its refining divi…