BP Beats Q3 Forecasts on High Oil Price
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BP Plc, the world's second largest oil company, reported bumper third-quarter earnings on Tuesday on the back of high oil prices.
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Oil giant BP today posted record profits of $3.94bn (Â£2.14bn) after fuel prices hit new highs. The third quarter performance of Britain&#39;s biggest listed company came as oil prices rose to an average of almost $50 a barrel.
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Oil jumped 3 percent to nearly $63 a   barrel on Wednesday as expectations that producing cartel OPEC   may slash output to defend prices countered rising U.S.   inventories.
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High oil prices, combined with surging demand for oil products such as petrol, land BP another jump in profits.
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Oil prices rose to near $63 a barrel on Friday, after BP Plc shut in output at an oil field in Alaska and OPEC members Nigeria and Venezuela pledged to cut production.
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World oil prices shot higher on Monday  as companies operating in the U.S. Gulf of Mexico braced for  output disruptions from powerful Hurricane Ivan.
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Crude oil prices surged past an unprecedented $55 per barrel Monday as uncertainty swirls over production, high demand and tight global supplies.
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Oil prices climbed above $47 a barrel today, after figures showed supplies in the U.S. were down for a third consecutive week.
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BP Plc&#39;s oil and gas production rose 11 percent on the year in the third quarter but analysts expect strong earnings for the quarter to be mainly due to runaway oil prices rather than BP&#39;s record in finding oil.
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Royal Dutch Shell Plc  posted a 2.6 percent rise in underlying profits on Thursday, beating analysts' forecasts, thanks to higher production and strong oil prices.
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ExxonMobil Corp. and Royal Dutch/Shell Group yesterday reported large increases in third-quarter profits, part of an industry-wide windfall caused by high oil prices and strong demand.
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British energy giant BP&#39;s third-quarter revenues are set to be &quot;dreadful,&quot; the company&#39;s chief executive Tony Hayward told a meeting of BP employees in Houston, the Financial Times reported in an early edition of its Tuesday paper.
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High oil and gas prices and bigger profit margins in refining helped the British energy giant BP PLC nearly double its third-quarter earnings, the company said Tuesday.
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WASHINGTON - Oil prices darted above $51 a barrel Tuesday as output in the Gulf of Mexico remains in shambles more than two weeks after Hurricane Ivan tore through the region.    Even as the advance in crude futures begins to appear unstoppable, with traders saying $55 a barrel seems possible, some analysts are convinced a speculative bubble has formed...
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British oil giant BP reported a 43-percent rise in third-quarter pro forma net profit to 3.94 billion dollars (3.08 billion euros) thanks to soaring crude prices and booming demand.
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Shares in the French oil major Total gained in early trading after the company revealed stronger-than-expected growth at its refining and chemical operations, pushing third quarter net profit above consensus forecasts.
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BP PLC reported an 11 percent increase in production for the third quarter on Monday, which may help its profit results over the same period.