BP’s third quarter profit beats forecasts, lifted by energy prices
© Reuters. FILE PHOTO: The logo for a BP petrol station is seen in London, Britain, September 24, 2021. REUTERS/Toby Melville
LONDON (Reuters) – BP (NYSE:BP) reported on Tuesday a sharp rise in third quarter profit, lifted by stronger oil and natural gas prices that have soared this year as economies recover from the pandemic.
BP’s underlying replacement cost profit, the company’s definition of net earnings, reached $3.32 billion in the third quarter, exceeding analysts’ expectations for $3.06 billion.
That compares with $2.8 billion in profit in the second quarter and $86 million a year earlier, when energy demand and prices collapsed due to the coronavirus epidemic.
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