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. .
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'