BP Reports $3.3B Profit , as Gas Prices Soar.
BP Reports $3.3B Profit , as Gas Prices Soar.
BP reported profits of $3.3 billion as increasing gas prices continue to put pressure on consumer budgets.
'Newsweek' reports that during the same period last year, profits were up just $86 million for the energy company.
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BP's third quarter figure even showed an increase of 18%.
This has been another good quarter for BP — our businesses are generating strong underlying earnings and cash flow while maintaining their focus on safe and reliable operations, Bernard Looney, BP Chief Executive, via 'Newsweek' .
According to the Associated Press, the company said that gas supply , "will remain tight" , moving into the winter months.
'Newsweek' reports that climbing gas and oil prices have taken a toll on household budgets recently.
At the same time, BP has clearly benefited from those rising prices.
Despite the profit increase, prices for shares in the company fell around 2% as it took a $6.1 billion hit.
According to 'Newsweek,' the hit came primarily from soaring gas prices in futures markets.
BP's shares are on the slide thanks to a messy set of third-quarter numbers, marred, just like those of Shell, by accounting losses linked to hedging oil and gas prices, Russ Mould, investment director at A.J.
Bell, via 'Newsweek'