BP rakes in quarterly profit of $8.2 billion as oil majors post another round of bumper earnings


Shares of BP are up over 45% year-to-date.

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Oil and gas giant BP on Tuesday reported stronger-than-expected third-quarter profit, supported by high commodity prices and robust gas marketing and trading.

The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $8.2 billion for the three months through to the end of September. That compared with $8.5 billion in the previous quarter and marked a significant increase from a year earlier, when net profit came in at $3.3 billion.

Analysts polled by Refinitiv had expected third-quarter net profit of $6 billion.

BP announced another $2.5 billion in share repurchases…

Source cnbc.com

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