Oil major BP reported a steep year-on-year decline in profits for the third Quarter, falling short of analyst estimates. The company's underlying replacement cost profit was $3.293 billion, compared to $8.15 billion in the same period last year. The results were impacted by a $540 million impairment charge related to U.S. offshore wind projects. BP also announced a $1.5 billion share buyback. Despite leadership challenges, the company's share price has performed well, gaining 15.8% in the previous quarter and nearly 12% year-to-date.

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