BP profits double on higher prices and new oil fields


Profits at oil giant BP more than doubled in the third quarter, boosted by stronger oil prices and higher production from new oil fields.

Profits rose to $3.8bn (£3bn) from $1.86bn a year earlier, its best quarterly result for five years.

Revenue in the July-to-September quarter jumped to $80.8bn, up from $60.8bn last year.

Over the past three months, the price of Brent crude oil has averaged $75.07 a barrel, up 44% from a year earlier.

The Brent price reached a four-year high of more than $86 a barrel earlier this month before dropping back to around $77.

BP’s profits were ahead of analysts’ expectations, and shares in the company were up 3.9% in early trade on the London Stock Exchange.


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