BP (BP, Financial) shares fell more than 5%, reaching a nearly two-year low of $29.485. The decline came after BP reported its third-quarter earnings, revealing a net profit of $2.3 billion, a 31% decrease year-over-year. Although this exceeded analysts' expectations of $2.1 billion, the company's net debt increased by $1.7 billion, totaling $24.27 billion, the highest since early 2022.
BP has been relying on borrowing to maintain its stock buyback programs. However, there may be adjustments to the buyback scale in February when BP updates its strategy and financial guidance.
