BP claims profit boost is due to ‘high reliability’ as BHP deal is finalised
One of the energy sector’s largest household names, BP, has said its “strong operating performance” has allowed the firm to increase profits-before-tax by over 80% in quarter three of 2018.
BP has achieved “very good” reliability, upholding the highest quarterly refining availability achieved in 15 years, as well as an operated upstream reliability of 95 per cent.
Oil and gas generation recently reached 3.6 million barrels of oil equivalent (boe) per day between July and September, indicating a rise of 2.5 per cent year-on-year.
Production, with the removal of Rosneft’s input and altered for portfolio changes, was showed a 6.8% increase than in 2017, due to new projects starting operations.
Chief executive Bob Dudley said: “Our focus on safe and reliable operations and delivering our strategy is driving strong earnings and growing cash flow.
“Operations are running well across BP and we’re bringing new, higher-margin barrels into production faster through efficient project execution.
“We have made very good progress with our acquisition from BHP and expect to complete the transaction tomorrow.
“This will transform our position in the US Lower 48 and we expect it to create significant value for BP.
“This progress all underpins our commitment to growing distributions for our shareholders.”
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