BP Profits Soar to Five-year High

Tuesday, October 30, 2018

BP reported on Tuesday that profits had more than doubled in the third quarter, boosted by stronger oil prices that hit a four-year high in the period and as production rose thanks to new fields.

BP reported third-quarter underlying replacement cost profit, the company's definition of net income, of $3.8 billion, far exceeding forecasts of $2.85 billion based on a company-provided survey of analysts.

That compared with a profit of $1.86 billion a year earlier and $2.8 billion in the second quarter of 2018.

"Operations are running well across BP and we're bringing new, higher-margin barrels into production faster through efficient project execution," Chief Executive Officer Bob Dudley said in a statement.

(Reporting by Ron Bousso; Editing by Edmund Blair)

Categories: Industry News Energy Oil Offshore Energy Finance

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