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(Sharecast News) - BP shares were higher on Tuesday as the oil major revealed that new boss Meg O'Neill will present an updated strategy for the company in December, just eight months after taking the reins.
BP said that O'Neill would outline the company's future direction at an investor presentation in New York on 15 December, hosting a "strategy and outlook update" - but didn't disclose any further details.
Ahead of BP's third-quarter results on 30 October, the firm also flagged sharply higher refining profits and faster-than-expected debt reduction, with investors seemingly shrugging off the news of another substantial round of impairments.
BP said its indicative refining margin surged to $46.70 a barrel from $29.60 in the second quarter, an increase of almost 60%.
The stronger refining environment is expected to boost underlying pre-tax profits in its products division by between $1.9bn and $2.1bn compared with the previous quarter.
The company also said gas marketing and trading results were expected to be significantly stronger than in the second quarter, while oil trading performance was forecast to be broadly unchanged.
Upstream production was broadly stable from the second quarter at between 2.19m and 2.24m barrels of oil equivalent per day.
Meanwhile, BP said net debt was between $13.5bn and $14.4bn at the end of September, down from $22.3bn three months earlier, achieving its previous debt-reduction target a year ahead of schedule.
However, the company also warned that its third-quarter results would include non-cash impairment charges of between $3bn and $4.5bn, primarily relating to its gas and low-carbon energy businesses.
Dan Coatsworth, head of markets at AJ Bell, said the surge in oil and gas prices over recent months has created a "major tailwind" for BP.
"Regular swings in energy prices since March have created the optimal backdrop for BP's trading arm to enjoy bumper gains. Add these wins to higher selling prices for BP's products and it's no wonder the company has been able to rapidly pay down some of its debt," Coatsworth said.
By 0942 BST, the stock was up 1.1% at 594.4p.
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