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BP posts 83 percent rise in 3Q profits

BP posts 83 percent rise in 3Q profits

British oil company BP PLC reported a 83-percent rise in third-quarter net profit Tuesday on the back of surging energy prices.
BP, Europe's second-biggest oil producer behind Royal Dutch Shell PLC, posted net profit of $8.05 billion for the July to September quarter, up from $4.41 billion in the same period a year earlier.
Revenue for the third quarter rose 45 percent to $103 billion from $71 billion the previous year.
Oil surged to an all-time high of $147 a barrel in July, but the price has since dropped rapidly to around $62 a barrel.
"The high oil price of the third quarter obviously helped our absolute result," said Chief Executive Tony Hayward.
BP shares rose 5.8 percent to 463 pence ($7.23) in early trading on the London Stock Exchange.


Updated : 2021-01-27 05:38 GMT+08:00