European stock markets mostly closed lower on Friday, with the Stoxx 600 down 0.4%. The article also mentions Germany's market, but the text is cut off.
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BP reported third-quarter underlying replacement cost profit of $8.5 billion, versus $2.2 billion a year earlier and an LSEG consensus of $6.2 billion, while its stock barely moved. Gains were driven by stronger gas and marketing trading and 'significantly higher' realized refining margins, with its indicator margin at $46.70 a barrel versus $29.60 in the second quarter. Operating cash flow for the first nine months reached $28.55 billion, and net debt fell to $13.87 billion from $26.05 billion. WTI crude stood at $103.37 on October 27, up 21.3% over the past month, and Exxon and Chevron, which also run large refineries, were set to report on October 30. The author expects their refining results to look strong but says share moves will depend on fourth-quarter guidance, noting BP's CEO warned refining margins are starting to soften.
- BP’s third-quarter profit nearly quadruples to $8.5 billion as refining margins surge
BP reported underlying replacement cost profit, used as a proxy for net profit, of $8.5 billion in the third quarter, beating the $6.191 billion analyst consensus compiled by LSEG and up from $2.2 billion a year earlier. The result mainly reflected better gas and marketing trading and significantly higher realized refining margins. Operating cash flow reached $28.55 billion over the first nine months of the year, up from $16.89 billion in 2025, while net debt fell to $13.87 billion from $26.05 billion. CEO Meg O'Neill said energy markets remain volatile, while the industry has shown adaptability, with refineries running close to capacity and shipping taking longer routes. Shell and TotalEnergies had earlier said their refining margins hit historically high levels amid tight global fuel supply caused by conflicts.
- Linde delivers a good quarter and puts in a fix for an overhang on the stock
Linde's third-quarter revenue rose 9.2% to $9.4 billion and adjusted EPS rose 9% to $4.59, beating LSEG consensus of $4.54 and setting quarterly records for sales, operating profit and earnings. Volume rose 2% and price/mix added 3%, while Electronics sales climbed 15% on AI infrastructure demand. Fourth-quarter guidance was slightly light and the shares fell more than 1% on the day; the author says profit-taking after the stock's recovery from a mid-September low could be another reason. The company booked a $425 million restructuring charge, about half for severance and the rest largely tied to Lincare, whose results will now sit in Other rather than the Americas. The author calls it an overall solid quarter, with a full-year outlook in line with expectations.
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- Microsoft offers voluntary buyouts to 60,000 employees as tech giant reshapes its workforce
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- Microsoft offers buyouts to 60,000 workers as AI reshapes workforce
Microsoft is offering buyouts to about 60,000 employees to cut costs and reshape its workforce as it ramps up investment in AI infrastructure, Bloomberg reported. Eligible staff are vice presidents and below on select teams in the US, Canada, India and the UK, though some data center, sales and marketing employees are excluded, and the package includes benefits similar to a standard severance offer. Microsoft had 223,000 employees at the end of June, with headcount largely unchanged since 2022. In July, more than 30% of roughly 8,750 eligible employees accepted a separate retirement-age buyout, and the company expects fewer employees to take the latest program. Chief People Officer Amy Coleman said the program gives employees considering outside opportunities a supported exit and gives business units more flexibility in staffing.
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