Oil giant BP made $8.2bn profit in its third quarter

Oil giant BP made $8.2bn profit in its third quarter

British energy firm BP has revealed that underlying profits more than doubled over the past quarter.

The London-listed oil giant reported that underlying replacement cost profits – a measure preferred by BP – surged to $8.2 billion, compared with 3.3 billion dollars a year earlier.

It was significantly ahead of the $6.1 billion expected by market analysts.

Nevertheless, BP said profits were weaker than the previous quarter after a dip in average oil price.

“This quarter’s results reflect us continuing to perform while transforming,” said BP’s chief executive officer Bernard Looney. “We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy.

“We are providing the oil and gas the world needs today – while at the same time investing to accelerate the energy transition.

“Our agreement on Archaea Energy is the most recent step in our strategic transformation of BP.”

Published: 01-11-2022