BP beats with $8.46B Q3 profit, cuts net debt to $13.9B

BP's Q3 underlying replacement-cost profit hit $8.46 billion, beating the $7.33 billion consensus and up from $2.21 billion a year ago. The company cut net debt to $13.9 billion from $22.3 billion, meeting 2027 targets early. New CEO Meg O'Neill is tightening capex and focusing on oil and gas, with renewables spending likely cut. Castrol sale to Stonepeak expected to add ~$6 billion. No buyback return expected.