EnergyWatch

BP enjoys major upstream success

The oil major grew nine percent in the third quarter with support from a higher oil price. Now a share buy-back program will be launched.

Photo: PR-foto: BP/Stuart Conway

British BP has once again outperformed itself in 2017, shows the just-released third quarter interim report.

The company's third quarter result came to USD 1.7 billion compared to USD 1.6 billion in 2016. For the first nine months of 2017, the net result is USD 3.3 billion, relative to a loss of USD 382 million in the same period last year. Looking at the company's adjusted operating result (EBIT), the upstream activities were the main growth driver in the third quarter, rising from a loss of USD 224 million to a profit of USD 1.5 billion. In downstream, the result increased USD 907 million to USD 2.3 billion. This result comes from the highest earnings in five years.

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