BP PLC reported that weak oil trading performance has weighed on company profits, while production achieved growth for the second consecutive quarter. The energy giant is working to reverse poor performance, delivering mixed results to investors.

In a trading update released on Tuesday ahead of full quarterly results in early November, the company noted that production growth included contributions from its U.S. shale business BPX Energy. Oil trading performance remained weak, while gas trading showed modest results.

BP PLC currently faces pressure to refocus on oil and gas operations to reverse years of underperformance. The company's strategic pivot announced this year faces challenges as OPEC+ production increases drive oil markets toward oversupply.

New Chairman Albert Manifold, who took office on October 1st, informed employees on his first day that the company needs to accelerate a cost reduction and asset disposal program initially outlined by CEO Murray Auchincloss in February.

BP PLC reported that refining profits strengthened this quarter, but gains were partially offset by environmental compliance costs and unexpected downtime at its largest inland U.S. refinery in Whiting, Indiana, due to flooding.

Net debt is expected to remain stable at approximately $26 billion. The company targets reducing net debt to a range of $14-18 billion by the end of 2027.