BP Cuts Net Debt as Third-Quarter Profit Nearly Quadruples
BP reported third-quarter underlying replacement-cost profit of $8.46 billion, nearly four times the year-earlier level, and said cash flow jumped, enabling it to cut net debt faster than expected.
By Adam WhittakerBP's profit almost quadrupled and cash flow jumped, enabling the British energy major to cut net debt faster than expected.The company reported a third-quarter underlying replacement-cost profit--a similar metric to the net income that U.S. oil companies report--of $8.46 billion. T…