The BP Company logo is displayed on the fuel pump at the front of a gas station operated by BP PLC in London, UK.
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LONDON – Energy giant BPA posted a modest third-quarter profit on Tuesday, beating analyst expectations as the company benefited from strong oil prices and a lack of significant research writing.
Used as a net profit proxy, the third quarter saw an internal replacement cost profit of 100 100 million. That compares with a 7.7 billion loss in the second quarter and a 3. 3.3 billion profit in the third quarter of 2011.
Analysts at Refinitive expected BP to report third-quarter losses of 34 7,347 million.
It has declared a quarterly dividend of 5.25 cents per share.
BP said the improvement in oil and gas prices and demand have helped the company return to profit in the third quarter. This was partly significantly set, however, by the “significantly lower oil trade result”.
Shares of BP rose more than 2% during early morning trading.
The rise in global coronavirus cases has hampered the prospect of an increase in demand for oil, which has resulted in a subdued market sentiment.
The wave of new Covid-19 infections has prompted some countries to impose new sanctions as winter loses.
The international benchmark Brent crude futures traded at $ 40.70 a barrel on Tuesday morning, up around 0.6% for the session. West Texas Intermediate futures were up 0.5% at 38.78.
Both contracts went below %% in the previous session.
‘Priority is enforced’
“After determining in detail our new strategy, our priority is implementation and despite the challenging environment, we are doing the same – demonstrating while making a change,” BP’s chief executive B Fischer Bernard Looney said in a statement.
Looney said the company has been “firmly focused” on price and capital discipline and is “firmly committed” to its updated financial structure, including dividends.
With its second-quarter earnings in August, the energy company announced a new strategy, saying the move would help clear line energy in line with its plan to become a net-zero-carbon company by 2050 or sooner.
BP said it plans to increase its annual low-carbon investment 10-fold to 5 5 billion a year in 10 years. The goal is to develop about 50 gigawatts of net renewable generation capacity by 2030 – a 20-fold increase from 2019.
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