Oct 30, 2018

BP profits double on higher prices and new oil fields

BP Profits at oil giant BP more than doubled in the third quarter, boosted by stronger oil prices and higher production from new oil fields. Over the past three months, the price of Brent crude oil has averaged $75.07 a barrel, up 44% from a year earlier. The company said it expected production to grow further in the next three months thanks to the shale oil and gas fields it bought from the Anglo-Australian miner BHP for $10.5bn. The sale is expected to completed on Wednesday. It now says it will pay for the acquisition out of cash if oil prices stay high rather than through selling shares. BP chief financial officer Brian Gilvary said: "Since we announced the BHP transaction, oil prices have firmed to levels significantly above the acquisition assumptions. While oil prices remain at these levels, we expect to finance the transaction fully using cash."

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