BP Plc’s profit exceeded expectations with operational improvements and higher oil and gas production outweighing lower prices, as the company’s turnaround plan builds momentum.

The British energy giant posted adjusted third-quarter net income of $2.21 billion, higher than the average analyst estimate of $1.98 billion. Its quarterly share buyback plan was maintained and net debt rose slightly.

The results signal Chief Executive Officer Murray Auchincloss is starting to deliver a turnaround plan to win back investor confidence by focusing on oil and gas production, selling non-strategic assets and cutting costs.

“We continue to make good progress to cut costs, strengthen our balance sheet and increase cash flow and returns,” Auchincloss said in BP’s earnings statement. “We are looking to

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