BP saw profits soar in the third quarter as it prepares to sell off a further $15bn worth of assets, and the CEO pledges to boost the oil major's dividend and increase share buybacks.
The group's shares climbed on the opening bell after BP revealed it made a profit of $5.1bn (£3.2bn) in the third quarter of the year, up from $1.8bn a year ago. Replacement cost profit for first nine months of the year was $15.9bn compared to a loss of $9.5bn for the same period the previous year. The firm said the net cash generated by its activities for the third quarter was $6.9bn, or $17.1bn over the year to date, including the impact of the Gulf of Mexico disaster. Net debt at the end of the quarter was $25.8bn, down slightly from $26.4bn a year ago. The group signed agree...
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