BP posts strongest quarterly profits in five years
British multinational gas and oil firm BP has posted its Q3 financial results, including its strongest profit figures in five years
BP’s main profit metric, its underlying replacement cost profit, reached US$3.8bn (£3bn).
The figure is an increase of more than 200% on Q3 2017, while the firm’s operating cash flow for the quarter, excluding payments for the Gulf of Mexico oil spill, was $6.6bn.
BP also lauded its strong operating performance, “with the highest quarterly refining availability for 15 years and BP-operated Upstream plant reliability of 95%.”
The firm’s reported oil and gas production for Q3 hit 3.6mn barrels per day, marking an increase of 6.8% for its upstream underlying production on the previous year.
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Bob Dudley, group chief executive of BP, said in the company’s statement:
“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.”
BP is due to complete its acquisition of US onshore assets from BHP for $10.5bn on 31 October.
“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,” Dudley said.