British energy giant BP on Tuesday reported a sharp rise in net profit for the third quarter as higher oil output and cost-cutting helped offset a drop in crude prices.

Profit after tax jumped to $1.16 billion for the July-September period, compared with $206 million in the third quarter of 2024, BP said in an earnings statement.

Stripping out exceptional items, underlying net profit dipped but beat analysts' forecasts.

"We continue to make good progress to cut costs, strengthen our balance sheet and increase cash flow and returns," said chief executive Murray Auchincloss.

"There is much more to do but we are moving at pace, and demonstrating that BP can and will do better for our investors," he added.

In February, BP launched a major pivot back to its more profitable oil and gas busi

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