BP has more than doubled its profits in the third quarter after benefiting from higher oil prices.
The oil major said underlying replacement cost profit – the market’s preferred measure – rose to $3.8 billion (£2.9 billion) over the three-month period, up from $1.86 billion (£1.4 billion) 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 $80.8 billion (£63 billion), up substantially from $60.8 billion (£47.5 billion) in the same period last year.
Reacting to today’s third-quarter results, 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.”
The news comes after regulators approved two BP plans to develop North Sea fields in two months.
Meanwhile in September Vorlich, which targets 30 million barrels of oil equivalent, received regulatory approval.
The development which will be operated by BP with Shell also owning a stake, is expected to see production of 12,000 barrels a day from two wells which will be tied-back into the existing Schiehallion and Loyal subsea infrastructure,
It is expected to come on stream in 2020.