Surging oil prices save BP profits after $4bn net zero loss

What happened: BP's underlying profit quadrupled to $8.5bn for the three months from July to September, helped by surging oil prices, while it took a $4bn impairment on renewable and low-carbon investments. Key numbers: Underlying profit $8.5bn vs $7.3bn analyst forecast. Why it matters: Chief executive Meg O'Neill said BP needs to be "better stewards of our shareholders' capital" and is refocusing on oil and gas, including selling its North Sea business, with final bids due by early December. She cited the 78pc corporate tax rate on profits as a key reason for exiting the region. Market: +1.1% today ($50.35), +44.0% YTD, 0.8x vol — as of 22:46 UTC

BP's underlying profit quadrupled to $8.5bn for the three months from July to September, helped by surging oil prices, while it took a $4bn impairment on renewable and low-carbon investments.

Chief executive Meg O'Neill said BP needs to be "better stewards of our shareholders' capital" and is refocusing on oil and gas, including selling its North Sea business, with final bids due by early December. She cited the 78pc corporate tax rate on profits as a key reason for exiting the region. Market: +1.1% today ($50.35), +44.0% YTD, 0.8x vol — as of 22:46 UTC