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Energy firm BP profits soar to five-year high

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Energy firm BP profits soar to five-year high

Energy firm BP profits soar to five-year high
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Arnd Wiegmann(Reuters)
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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)

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