BP Profits Nearly Quadruple

It's Benzinga, bringing Wall Street to Main Street. BP reported third quarter underlying replacement cost profit of $8.5 billion on Friday, nearly quadrupling from $2.2 billion a year earlier and beating analyst expectations of $6.19 billion, according to CNBC. The results were driven by stronger gas trading and higher refining margins as global conflicts disrupted fuel supplies. BP's refining margin reached $46.7 per barrel, while refinery reliability exceeded 96%. Operating cash flow rose to $28.55 billion in the first nine months of the year, while net debt fell to $13.87 billion. CEO Meg O'Neill said the energy industry is adapting to volatile markets and disrupted trade flows by running refineries near capacity, rerouting shipments, and drawing on reserves to address supply shortages. BP is focused on strengthening its balance sheet and setting aside cash for $5.9 billion in remaining Deepwater Horizon settlement obligations. For all things money, visit Benzinga.com.