Wednesday, 12 May 2021

BP profits double as oil production increases

BP

LONDON: British energy major BP on Tuesday (Oct 31) logged a modest increase in third-quarter net profit, energised by a recovery in the global price of oil.

BP said in a statement that bottom-line net profit rose by nine per cent to US$1.769 billion (€1.521 billion) in the three months to September.

In recent years, the group has slashed costs to remain profitable despite tumbling oil prices, which have now steadied at about US$50 per barrel.

BP also saw its fortunes and reputation ravaged by the devastating Gulf of Mexico oil spill disaster in 2010.

Its first-quarter performance was, however, boosted by new projects in its upstream business that comprises exploration and production.

The downstream division, which includes refining, marketing and distribution, also enjoyed a bumper three months.

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