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BP riding high on oil price wave by doubling profits

PUBLISHED: 14:02 31 October 2018 | UPDATED: 14:41 31 October 2018

BP has more than doubled profits. Photo credit should read: Steve Parsons/PA Wire

BP has more than doubled profits. Photo credit should read: Steve Parsons/PA Wire

BP more than doubled profits in the third quarter after riding the wave of higher oil prices.

The energy giant said underlying replacement cost profit - the market’s preferred measure - rose to £2.9bn over the three-month period, up from £1.4bn in the same quarter last year.

It added that oil and gas production during the third quarter averaged 3.6 million barrels of oil per day.

Revenue during the quarter rose to £63bn, up substantially from £47.5bn in the same period last year.

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.”

Since January, the price of Brent crude has risen from 66 US dollars a barrel to 76 US dollars today.

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