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BP Profit Beats Estimates as Lower Oil Boosts Refining Margin

BP Plc reported third-quarter profit that beat analysts’ estimates after oil’s crash helped the U.K. energy company earn more from processing crude into fuels.

Profit adjusted for one-time items and inventory changes totaled $1.82 billion, 40 percent lower than a year earlier, according to a regulatory filing on Tuesday. That exceeded the $1.26 billion average estimate of 15 analysts surveyed by Bloomberg.

The sliding earnings underscore Chief Executive Officer Bob Dudley’s efforts to reduce spending to maintain dividends. BP is among international oil producers to forecast a prolonged price slump as global supply swamps demand. While cost cuts are helping the...