Oct 31, 2017

Oil market enters ‘new normality’ after price correction, says BP

The oil market is settling into "a new normality" according to BP, which announced a doubling of third-quarter profits and launched a share buyback programme. The results beat market expectations, pushing BP shares up 3.3 per cent on Tuesday morning, in a further sign of confidence returning to the oil and gas sector. "We've come through the oil price correction and we've got things back into balance earlier than planned." BP said it was able to cover its organic capital expenditure and dividend in the first nine months of this year at an oil price of $49 per barrel, reflecting deep cost cuts since the 2014 oil market crash and highlighting the company's resurgent profitability at current oil prices. Oil and gas production averaged 3.6m barrels of oil equivalent a day in the third quarter, up 14 per cent from a year ago.

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