BP PLC’s third-quarter profit rose 35%, reversing three successive quarters of losses, as the company began to feel the benefits from cost reductions that are helping to offset continued weakness in oil prices and sliding refining margins. The British energy giant said Tuesday its replacement cost profit—a number analogous to the net income that U.S. oil companies report—totaled $1.66 billion, compared with a profit of $1.23 billion a year earlier. “We continue to make good progress in adapting to the challenging price and margin environment,” said BP Chief Financial Officer Brian Gilvary. Despite the rise in profit and upbeat comments from management, shares in the company dropped 3% in early trading in London. BP’s earnings come as oil executives have begun to sound rare notes of optimism that the worst of a two-year […]