BP Q3 profits soar to 18-year high: refining business becomes a "money printing machine," CEO's reforms face strong tailwinds

Zhituo Finance APP reports that, benefiting from a surge in refining margins, BP’s quarterly profit soared to its highest level in 18 years, providing strong momentum for CEO Meg O’Neill to advance reforms at the British energy giant. In a statement on Friday, BP said its adjusted net profit for the third quarter reached $8.46 billion, compared with $2.21 billion in the same period last year, and far exceeded the market’s previous expectation of $7.3 billion. More than half of the profit came from the division that includes refining and trading operations. The company’s net debt dropped significantly.