Energy giant BP says 3Q earnings more than double
By ASSOCIATED PRESS
Industry Resource Sector BP oil and gas oil prices Operations profitsThe bump was attributed to higher oil prices and streamlined operations.
LONDON—Energy giant BP says third-quarter earnings more than doubled as it reaped the benefits of higher oil prices and streamlined operations.
Underlying replacement cost profit jumped to US$3.84 billion, the highest quarterly figure in five years, from $1.87 billion in the same quarter last year. The figure, which excludes one-time items and fluctuations in the value of inventories, is the industry’s preferred gauge of earnings.
Net income rose 89 per cent to $3.35 billion.
Oil companies are profiting after they cut costs and sold assets to adjust to an era of lower oil prices when crude dropped below $30 a barrel in January 2016. Brent crude averaged $75.16 a barrel for the most recent quarter—44 per cent higher than a year earlier.
