British oil major BP beat profit estimates for its third quarter earnings report, said Bloomberg.

Profits for the group are down significantly over last year’s third quarter—40% lower—but the company posted significantly stronger results than most analysts had predicted.

The public press release by BP noted that profit was $1.82b, much higher than estimates of roughly $1.2b. Bloomberg stated that stock prices for BP went up over 2% on the news.

Profits for the group beat estimates largely by very strong results for the company’s refining divisions. BP was one of the first oil majors to start cutting costs after the price downturn of 2014. The company says that it is preparing for a sustained low price environment. The group says it’s forecasting prices at $60 per barrel for 2016.