BP beats third-quarter estimates and swings back to profit on improving oil demand

A BP company logo is displayed on a fuel pump on the forecourt of a gas station operated by BP Plc in London, U.K.Chris Ratcliffe | Bloomberg | Getty ImagesLONDON — Energy giant BP reported stronger-than-anticipated third-quarter net profit on Tuesday, benefitting from the absence of significant exploration write-offs.Third-quarter underlying replacement cost profit, used as a proxy for net profit, came in at $100 million. That compared with a loss of $6.7 billion in the second quarter.BP’s results come as energy market sentiment remains subdued, with an upsurge in global coronavirus cases hampering the prospects of oil demand growth.A wave of new Covid-19 infections has prompted some countries to impose fresh restrictions as winter looms.International benchmark Brent crude futures traded $40.86 a barrel on Tuesday morning, up around 1% for the session, while U.S. West Texas Intermediate futures stood at $38.94, up more than 0.9%.Both contracts slipped over 3% in the previous session.

Show More

Related Articles