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Better Than Expected Profits For BP

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BP has announced its underlying replacement cost profits jumped to $3.3 billion US dollars (€2.8 billion) in the three months leading to September 30, up from just $86 million in the same period a year earlier, when oil prices had slumped because of the pandemic.

The third-quarter figure also was an increase of 18 percent from the previous quarter’s $2.8 billion and ahead of analysts’ expectations of about $3.1 billion.

The company said it expects oil prices to remain supported over the coming months as inventory levels continue to be drawn down and as customers switch from gas to oil given the sharper price increases seen in wholesale gas markets.

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