Search

BP riding high on oil price wave by doubling profits

PUBLISHED: 14:02 31 October 2018 | UPDATED: 14:41 31 October 2018

BP has more than doubled profits. Photo credit should read: Steve Parsons/PA Wire

BP has more than doubled profits. Photo credit should read: Steve Parsons/PA Wire

BP more than doubled profits in the third quarter after riding the wave of higher oil prices.

The energy giant said underlying replacement cost profit - the market’s preferred measure - rose to £2.9bn over the three-month period, up from £1.4bn in the same quarter last year.

It added that oil and gas production during the third quarter averaged 3.6 million barrels of oil per day.

Revenue during the quarter rose to £63bn, up substantially from £47.5bn in the same period last year.

Chief executive Bob Dudley said: “Our focus on safe and reliable operations and delivering our strategy is driving strong earnings and growing cash flow.

“Operations are running well across BP and we’re bringing new, higher-margin barrels into production faster through efficient project execution.”

Since January, the price of Brent crude has risen from 66 US dollars a barrel to 76 US dollars today.

Search hundreds of local jobs at Jobs24

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

Insight

Holden is a name associated with the motor trade in Norfolk for 90 years. Motoring editor Andy Russell chats to current CEO Tim Holden, third generation in the family motor group, about how it has become a nationally-recognised driving force.

As diesel car registrations drop, more and more motorists are becoming aware of the benefits of hybrid cars and how easy they are to drive. Toyota’s pioneering role in hybrid technology means nearly half its total sales now combine petrol and electric power, says motoring editor Andy Russell.

Women in Business

cover

Enjoy the
Women in Business
digital edition

Read

Business East

cover

Enjoy the
Business East
digital edition

Read

Celebrating Success

cover

Enjoy the
Celebrating Success
digital edition

Read

B2B Exhibition

cover

Enjoy the
B2B Exhibition
digital edition

Read

Green 100

cover

Enjoy the Green 100
digital edition

Read

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100