bp has reported a decrease in profit for the third quarter of 2024 of 30% to $2.3 billion, marking the lowest quarterly profit in nearly four years.

The decline in results occurred due to weaker realized refining margins, a weak oil trading result and lower liquids realizations but partly offset by higher gas realizations.

Despite the challenging economic environment, bp has maintained its dividend at 8 cents per share and has committed to continuing its share buyback program at a rate of $1.75 billion over the next six months.

Murray Auchincloss, CEO of bp, told Reuters that the company will focus on value rather than volume in its operations, acknowledging past mistakes in chasing volume.

Auchincloss also said bp has the potential to grow oil and gas output through the end of the decade while it also continues to make high-grade investments in low-carbon and renewables.

bp’s oil and gas production has increased by 3% year-over-year, partially offsetting the impact of lower refining margins and weaker oil trading.

Higher natural gas prices have also contributed to earnings, although gas trading results were described as average for the quarter.

The company’s net debt has risen to $24.3 billion, reflecting an increase in the debt-to-market capitalization ratio to 23.3% from 20.3% a year earlier