BP has said it is ramping up overhaul efforts with aims to sell off more parts of the business and strip out further costs as it posted a smaller-than-feared drop in quarterly profits.

The oil giant reported underlying replacement cost profits, the group’s preferred earnings measure, of 2.21 billion US dollars (£1.68 billion) for the three months to September 30.

This was 3% lower than a year earlier, and 6% down on the previous quarter, but better than the 2.02 billion US dollars (£1.54 billion) expected by most analysts.

Murray Auchincloss, chief executive of BP, said: “We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency.”

The energy giant recently revealed a major cost-cutting drive, with thousands of roles to be axed as it comes under pressure to boost profits.

BP has also been selling off parts of the business to raise cash and said it now expects proceeds from divestment in 2025 to be more than four billion US dollars (£3.05 billion) and completed or announced asset sale agreements to reach around five billion US dollars (£3.81 billion) this year.

Mr Auchincloss said: “There is much more to do but we are moving at pace, and demonstrating that BP can and will do better for our investors.”

BP group said it would buy back another 750 million US dollars (£572 million) before reporting full-year figures, in line with the buybacks seen in the third quarter.

The business earlier this year unveiled a new growth strategy focused on extracting more oil and gas, pivoting away from a focus on green energy and heavily reducing spending on renewables.

It has come under pressure from shareholders to boost profits and cut costs, with activist investor Elliott Management recently taking a 5% stake in the group.

In August, it revealed it expects 6,200 jobs to go – about 15% of its office-based workforce – which is higher than the 4,700 cuts announced at the start of the year, with a focus on artificial intelligence (AI) to help drive cost efficiencies.

BP also said at the time it had already slashed 3,200 contractor roles since January, with another 1,200 to go by the end of 2025.

The third-quarter figures come after fellow FTSE 100 oil giant Shell also saw profits fall amid lower oil prices, although Shell likewise saw profits come in higher than expected, amid a boost from higher sales volumes and trading margins.

Benchmark Brent crude average prices fell 13% year-on-year in the third quarter.

BP’s half-year results in August showed profits tumbled by nearly a third as weaker oil prices weighed on earnings, although it posted a better-than-expected performance for the second quarter.

On Tuesday, it said its customers and products division was helped by higher refining margins, with better-than-expected profit before interest and tax of 1.72 billion US dollars (£1.31 billion), up from 381 million US dollars (£290 million) last year.

Vande Bharat sleeper train: Indian Railways is aiming to launch the first Vande Bharat sleeper train in the coming months, but ahead of its launch the Ministry of Railways has highlighted concerns regarding the quality of furnishings and craftsmanship.Vande Bharat sleeper train will be a variant of the chair car air-conditioned service, aimed at long-distance travel on the Indian Railways network. The Vande Bharat sleeper trains are expected to offer a premium passenger experience, better than Rajdhani Express trains. The first ten trainsets are being manufactured by BEML, in collaboration with ICF Chennai.Railway minister Ashwini Vaishnaw recently said that two rakes of Vande Bharat sleeper trains will be launched together.

Vande Bharat sleeper train: What are the issues?

According to a PTI report, in a recent written correspondence to the Director General, Research Designs and Standards Organisation (RDSO) and General Managers across railway zones, the Railway Board identified several deficiencies.“There are issues related to furnishing and workmanship at many places in respect of sharp edges and comers at berthing area, window curtain handles, pigeon pockets between berth connectors inviting cleaning issues etc,” the Board said.The Board emphasised that remedial actions are essential for the present rake, whilst also stating that design enhancements would be required for subsequent rakes.The Railway Ministry has instructed zones to comply with all RDSO-specified conditions for operations reaching speeds of 160 kmph.Officials explained the authorisation procedure, stating that after RDSO obtains final CCRS approval for new train designs, CCRS forwards the matter to the Railway Ministry for operational clearance.“The CCRS during trial conveys its observations to the RDSO for compliance. In the case of the Vande Bharat Sleeper Train, the RDSO sent its updated compliance on September 1, 2025,” officials said.Officials noted that since the Vande Bharat Sleeper Train’s route remains undecided, the Ministry distributed its letter dated October 28 across all zones.The Ministry has emphasised adherence to several requirements, including fire safety protocols, installation of Kavach 4.0, establishment of reliable communication between loco pilots, train managers and station masters, and proper brake system maintenance.The railway authorities instructed regional divisions to train engine drivers for emergency uncoupling of semi-permanent couplers within 15 minutes, ensuring essential tools are included in the driver and guard equipment sets.“Suitable setting of temperature inside coaches shall be maintained to ensure comfortable conditions to passengers, considering ambient conditions and frequent opening & closing of doors,” they specified.The Ministry emphasised the importance of having trained technical personnel available to address any operational difficulties and emergencies during the journey.“Regular announcements shall be made through the PA system informing all persons other than passengers to disembark from the train before its departure. Also, pre-recorded Passenger safety announcements in three languages (Regional, Hindi & English) should be made during the run to sensitize passengers about personal safety norms to be observed during travel,” according to the directive.Additionally, the Ministry instructed regional divisions to assign skilled and dedicated personnel for Vande Bharat Sleeper Trainset maintenance, whilst ensuring sufficient spare parts and consumables are readily available.

Guernsey’s most senior political committee is expected to oppose all proposed changes to its 2026 budget.

They include a halt in any rises to spending in 2026, plans to reduce the tax on petrol and future changes to how corporate tax income is calculated by the States of Guernsey.

Policy and Resources’ (P&R) budget for next year includes plans to increase spending by £12m, to tax vapes and increase many duties above inflation.

P&R President Deputy Lindsay de Sausmarez said a proposed £600 increase to income tax allowances would help people struggling with the cost of living.

The budget has been criticised for not doing enough to fix the deficit in public finances, but P&R said a debate on the future of the island’s tax policy was due to take place in the first half of the new year.

Guernsey’s Scrutiny Management Committee has sent a letter of comment to P&R which criticised the budget for spending more than the island is bringing in through taxes.

Deputy Andy Sloan, chair of the committee, said the predicted 4.4% increase in spending, despite a 3.4% forecast growth in income, was “of particular concern” as the deficit was projected “to worsen” from £66m to £77m in 2026.