BP: profit more than doubles on higher oil prices and output
(CercleFinance.com) - BP's third-quarter profit more than doubled year-on-year, buoyed by rising oil prices and higher production from the ramp-up of big projects.
The British oil and gas company reported third-quarter underlying replacement cost profit, the company's measure of net income, of 3.8 billion dollars, from 1.8 billion dollars a year ago.
BP's operating cash flow over the quarter - excluding Gulf of Mexico oil spill payments - reached 6.6 billion dollars, flat from the same period a year ago.
The oil major said that Gulf of Mexico oil spill payments were 500 million dollars in the quarter.
In terms of output, underlying production for the quarter increased by 6.8%, due to the ramp-up of major projects.
The group has set its dividend at 10.25 cents a share for the third quarter, 2.5% higher than a year ago, BP said.
This morning BP shares were trading 3.8% higher at 555.5 pence, the second biggest winner in London's bluechip FTSE 100 index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The British oil and gas company reported third-quarter underlying replacement cost profit, the company's measure of net income, of 3.8 billion dollars, from 1.8 billion dollars a year ago.
BP's operating cash flow over the quarter - excluding Gulf of Mexico oil spill payments - reached 6.6 billion dollars, flat from the same period a year ago.
The oil major said that Gulf of Mexico oil spill payments were 500 million dollars in the quarter.
In terms of output, underlying production for the quarter increased by 6.8%, due to the ramp-up of major projects.
The group has set its dividend at 10.25 cents a share for the third quarter, 2.5% higher than a year ago, BP said.
This morning BP shares were trading 3.8% higher at 555.5 pence, the second biggest winner in London's bluechip FTSE 100 index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.