BP’s earnings rise in Q3

UK-based energy giant and LNG player BP reported its underlying replacement cost profit, the company’s version of net profit, of $1.86 billion for the third quarter of 2017.

The company’s underlying RC profit for the quarter jumped significantly compared to the $684 million recorded in the second quarter of the current year and $933 million in the corresponding period last year.

BP’s oil and gas production in the third quarter averaged 3.6 million barrels of oil equivalent a day, 14 percent higher than in the third quarter of 2016.

Net debt at September 30, 2017 was $39.8 billion, compared with $32.4 billion a year ago.

Commenting on the results, BP’s CEO, Bob Dudley said, “This quarter, three new Upstream projects and the highest Downstream earnings in five years, underpinned by reliable operations and disciplined spending, have generated healthy earnings and cash flow. There is still room for further improvement.”

Including amounts relating to the Gulf of Mexico oil spill, operating cash flow for the third quarter was $6.0 billion, compared with $2.5 billion during the corresponding period in 2016.