By EcoCrops International on Tuesday, October 30, 2018
BP has exceeded all expectations their shareholders should be over-the-moon. The oil giant has seen profits rocket to more than double in the third quarter, the increase in profits come from higher oil prices and increased production from new oil fields.
Profits have soared to $3.8bn up from 1.86bn last year, their best quarterly results in over half a decade.
Revenue in the July-to-September quarter jumped to $80.8bn, up from $60.8bn last year.
During the last quarter, the price of Brent crude oil has averaged $75.07 a barrel, up 44% from a year earlier.
The Brent price saw a four-year high of more than $86 a barrel earlier this month before falling back to around $77.
BP’s increased profits saw the companies hare price jump 3.8 per cent. BP chief executive Bob Dudley said: “Operations are running well across BP and we’re bringing new, higher-margin barrels into production faster through efficient project execution.”
Richard Hunter, head of markets at Interactive Investor, said: “BP has set the bar high for the oil majors in general, delivering a blockbuster set of earnings which have comfortably outpaced expectations.
“These numbers reflect a business which is back on its game.”
BP has seen major activity increases in the area of Shale oil with the acquisition of fields from the Anglo-Australian miner BHP for $10.5bn. The sale is expected to complete on Wednesday.
The purchase will be completed using entirely cash reserves if oil prices remain at the higher end rather than through the sale of shares.
BP chief financial officer Brian Gilvary said: “Since we announced the BHP transaction, oil prices have firmed to levels significantly above the acquisition assumptions. While oil prices remain at these levels, we expect to finance the transaction fully using cash.”
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