BP posts $3.3 billion third-quarter profit, beating estimates as oil prices surge
Oil and gas giant BP beat third-quarter earnings expectations on Tuesday, fueled by surging energy prices.
The British energy major posted an underlying replacement cost profit, a proxy for net profit, of $3.3 billion for the third quarter, above analyst estimates of $3.1 billion, according to Refinitiv. The figure compares to $2.8 billion of net profit in the previous quarter and $100 million for the same period in 2020, when oil prices collapsed as a result of the coronavirus pandemic.
This year, international benchmark Brent crude prices have up around 60% to date.
“Rising commodity prices certainly helped, but I am most pleased that quarter by quarter, we’re doing what we said we would - delivering significant cash to strengthen our finances, grow distributions to shareholders and invest in our strategic transformation,” CEO Bernard Looney said in the company’s earnings report.