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.

BP expects a rise in upstream production and higher refining margins in its products segment to boost earnings, but warned of a weak contribution from its oil trading division. The company is in the midst of a strategic reset and review of its portfolio as ...

BP generated a net profit of $1.509 billion in the third quarter, far higher than the $370 million reported a year earlier, while revenues edged up to $48.42 billion from $47.25 billion.