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BP posted record third-quarter underlying profits of $8.46 billion, beating analysts’ expectations of $7.33 billion and up from $2.2 billion in the same period last year. The company attributed the results to higher energy prices and refining margins amid tensions linked to Iran. It said it would use its windfall profits to settle the remaining liabilities related to the Deepwater Horizon incident. Operating cash flow was $14.8 billion, while net debt fell to $13.9 billion, achieving its debt-reduction target a year ahead of schedule.
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