Adjusted net profit in the third quarter rose to $8.46 billion, up from $2.21 billion in the same quarter last year.
The average forecast among analysts was $7.30 billion, according to Bloomberg.
More than half of the profit came from BP's refining margins and oil trading revenues.
Arch-rival Shell more than doubled its profit in the third quarter and on Thursday raised the ceiling on its share buyback programme - a type of dividend to shareholders - to $5 billion from $3 billion.
However, BP has suspended its buyback programme this year to focus instead on repaying loans and strengthening its balance sheet.
