LONDON (Reuters) – BP <BP.L> reported on Tuesday that profits had more than doubled in the third quarter, boosted by stronger oil prices that hit a four-year high in the period and as production rose thanks to new fields.
BP reported third-quarter underlying replacement cost profit, the company’s definition of net income, of $3.8 billion(2.97 billion pounds), far exceeding forecasts of $2.85 billion based on a company-provided survey of analysts.
That compared with a profit of $1.86 billion a year earlierand $2.8 billion in the second quarter of 2018.
“Operations are running well across BP and we’re bringing new, higher-margin barrels into production faster through efficient project execution,” Chief Executive Officer Bob Dudley said in a statement.
(Reporting by Ron Bousso; Editing by Edmund Blair)