Oil company BP doubled its profit in the third quarter due to high oil prices

Posted by Maryam Yamin on October 30th, 2018

 According to GOK News, British oil and gas giant BP more than doubled its profit in the third quarter.

The company itself speaks of the best quarterly result in the past five years, helped by better performance at its division which is responsible for pumping oil.

The adjusted profit amounted to more than 2.97 billion pounds, against just 1.49 billion pounds a year earlier. The result was also considerably higher than the 2.5 billion pounds that experts had calculated on average.

The higher oil and gas prices also played a prominent role in BP. BP further reported that BHP Billiton's shale acquisition would be completed on Wednesday.

BP announced earlier that it was paying 8.22 billion pounds for its activities.

Due to the strong cash flow, BP no longer feels compelled to issue shares to pay the acquisition partly. BP now takes this out of its pocket.

Sales of parts that BP announced as part of the BHP deal amount to between 3.91 billion and 4.7 billion pounds. This money is used by the British to bring back debts.

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Maryam Yamin

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Maryam Yamin
Joined: October 25th, 2018
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