BP Profits Soar to Five-year High

Tuesday, October 30, 2018

BP reported on Tuesday that profits had more than doubled in the third quarter, boosted by stronger oil prices that hit a four-year high in the period and as production rose thanks to new fields.

BP reported third-quarter underlying replacement cost profit, the company's definition of net income, of $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 2018.

"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.


(Reporting by Ron Bousso; Editing by Edmund Blair)

Categories: Finance Energy Offshore Energy Industry News Oil

Related Stories

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

Tokyo Gas Enters LNG Market in Philippines

Eco Wave Finds Partner for Wave Energy Project in India

ADNOC Secures LNG Supply Deal with India's BPCL

Abu Dhabi's NMDC Group Gets $1.1B Subsea Gas Pipeline Job in Taiwan

Floating LNG Conversion Job Slips Out of Seatrium’s Hands

Sapura Scoops Petrobras Contract for Pan-Malaysia Offshore Services

Keppel Reclaiming Control of 13 Rigs to Cash In on Offshore Drilling Market's Growth

Seatrium Delivers Fifth Jack-Up to Borr Drilling

Current News

Woodside Inks Long-Term LNG Supply Deal with China Resources

CNOOC Starts Production at Two New Oil and Gas Projects

Argentina YPF to Shed Offshore Exploration Projects

Cairn India Might Invest in US Oil Servicing Firms to Increase Production

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

Shell Hires Noble’s Drillship for Work in Southeast Asia

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

CNOOC Discovers ‘Vast Exploration Prospects’ in China’s Beibu Gulf Basin

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com