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Energy giant BP says 3Q earnings more than double

Energy giant BP says third-quarter earnings more than doubled as it reaped the benefits of higher oil prices and streamlined operations

AP Reported by: AP
Published on: October 30, 2018 13:45 IST
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Image Source : AP Energy giant BP says 3Q earnings more than double

LONDON (AP) — 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 $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 percent 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 percent higher than a year earlier.

Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.
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