'Cash machine' BP sees Q3 profit jump

BP's third quarter profit rose due to higher oil and gas prices and a strong trading performance.

That's according to the British energy giant Tuesday (November 2).

Natural gas and power prices around the world have surged this year.

That was due to tight gas supplies and high demand in economies recovering from the health crisis.

BP - whose Chief Executive Bernard Looney compared it to a 'cash machine' - said it expected natural gas prices to stay strong in the coming months of peak winter demand.

Net earnings reached $3.32 billion in Q3 - beating analyst projections.

The results have allowed BP to expand its share buyback program by more than a billion dollars.

The company said it would repurchase a further $1.25 billion of its shares in early 2022.

Now the results come as Britain hosts the global U.N. conference on measures to halt climate change.

BP has said it plans to sharply reduce its carbon emissions in the coming decades.

It aims to raise its renewable power capacity 20-fold by 2030 and reduce its oil output by 40%.

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