BP Profit Rose on Higher Refining Margins, Strong Oil Trading

BP said its third-quarter profit rose, benefiting from higher realized refining margins and oil and gas production, although it missed expectations.

The British oil-and-gas major said Tuesday that it made an underlying replacement cost profit—a metric similar to net income that U.S. oil companies report—of $3.29 billion in the three months to the end of September, up from $2.59 billion in the preceding quarter. This missed an averaged analysts’ forecast compiled by the company of $4.01 billion.