Home Business BP posts profits of $3.3bn as oil prices rise again

BP posts profits of $3.3bn as oil prices rise again

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PHOTO | BBC

Energy giant BP has reported profits of $3.3bn (£2.7bn) between July and September as oil prices began to rise again.

Its profits were down from $8.1bn in the same period last year, but up from $2.6bn in the previous quarter.

BP, along with many other energy firms, posted huge figures in 2022 following Russia’s invasion of Ukraine, which led to oil prices soaring.

Wholesale oil prices are lower than that period but have risen recently.

BP’s latest results are the first to be released after Bernard Looney resigned as the company’s chief executive in September following a review of his personal relationships with colleagues.

Mr Looney, who had led the company since 2020, stepped down with immediate effect.

BP’s profits for the three months to the end of September were lower than the $4bn predicted by analysts.

But interim chief executive Murray Auchincloss said the quarter had been “solid” and that company expected to “grow earnings through this decade, and on track to deliver strong returns for our shareholders”.