Never miss an issue of Master Investor Magazine – sign-up now for free!
Energy giant BP (LON:BP.) saw its shares climb by 3.36% to 553.20p (as of 11:30 GMT) as it revealed it produced 3.6 million barrel equivalent of oil and gas a day during the third quarter. Underlying replacement cost profit for the three months was $3.8 billion, more than double last year’s level, as earnings at Rosneft and Upstream grew significantly.
Group chief executive Bob Dudley said: “Our focus on safe and reliable operations and delivering our strategy is driving strong earnings and growing cash flow. Operations are running well across BP and we’re bringing new, higher-margin barrels into production faster through efficient project execution. We have made very good progress with our acquisition from BHP and expect to complete the transaction tomorrow. This will transform our position in the US Lower 48 and we expect it to create significant value for BP. This progress all underpins our commitment to growing distributions for our shareholders“.