British oil giant BP has seen profits jumped in the third quarter of 2017 thanks to a jump in production and strong downstream earnings.
BP’s Q3 profits more than doubled in the period. Its pre-tax profits for the period totalled $2.95billion, up from $1.33billion a year ago.
The rise in profits was driven by higher production for the quarter which hit 2,462mboe/d, 16.3 per cent higher than the third quarter of 2016. This rise is due to the ramp-up of major projects with three major upstream major projects beginning production in Q3.
Bob Dudley, Group chief executive commented: "We are steadily building a track record of delivering on our plans and growing across our businesses. This quarter, three new Upstream projects and the highest Downstream earnings in five years, underpinned by reliable operations and disciplined spending, have generated healthy earnings and cash flow. There is still room for further improvement and we will keep striving to increase sustainable free cash flow and distributions to shareholders."