BP’s profit more than doubles to hit five-year high

LONDON: BP’s third-quarter profits rose to a five-year high, boosted by higher oil prices as the $10.5 billion acquisition of BHP Billiton’s US shale business was set to complete this week.
BP reported on Tuesday that profit had more than doubled in the third quarter.
Underlying replacement cost profit, the company’s definition of net income, rose to $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 this year.
“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. — AFP