BP reaches quarter "turning point"

Back in black: BP sees quarterly profits of $4.91 bn

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Andrew Hobbs

, Andrew Hobbs

 25 October 2011 06:24 GMT

BP has recorded a third quarter profit of $4.91 billion, compared with $5.62 billion during the second quarter, as chief executive Bob Dudley flagged plans to double the company’s exploration expenditure.

The profit, compared with $1.79 billion during the same period in 2010, came as the company’s replacement cost profit for the third quarter fell to $5.14 billion from $5.3 billion.

Profits of $17.64 billion for the first nine months of 2011 surpassed the $9.29 billion loss for 2010, while replacement cost profits were $15.9 billion in 2011, compared to a $9.5 billion loss in 2010.

The previous year’s results were driven by charges related to the Macondo disaster in the Gulf of Mexico, Dudley said, adding that the third quarter results signalled a…

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