BP reports lowest quarterly profit since pandemic on weak oil prices

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. BP reported its lowest quarterly profit since the pandemic, with third-quarter underlying profits of $2.27bn, down 30% year-on-year. CEO Murray Auchincloss, aiming to simplify and boost performance, plans to cut costs by $2bn and continue buybacks of $7bn in stock this year, while maintaining focus on traditional fossil fuel business.

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