BP Profits Soar to Five-year High

Tuesday, October 30, 2018
(Photo: BP)

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: Oil Finance Offshore Energy Energy Industry News

Related Stories

Norwegian Firms Form Subsea Distribution Alliance

Norwegian Firms Form Subsea Distribution Alliance

Shell Hires Subsea7 for Work at Aphrodite Development off Trinidad

Shell Hires Subsea7 for Work at Aphrodite Development off Trinidad

TGS Kicks Off 3D Seismic Survey for Floating Wind Farm

TGS Kicks Off 3D Seismic Survey for Floating Wind Farm

Current News

Chartwell Marine to Design CTV for NR Marine Services

Equinor Selects Baker Hughes for P&A Ops at Oseberg East Field

Poland to Open 4GW Offshore Wind Auction in December

North Sea Operator Picks OEG for Offshore Helifuel Services

Subscribe for OE Digital E‑News

Offshore Engineer Magazine