BP surges on profit rise

AFP/Scanpix

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Eoin O'Cinneide

 30 October 2012 08:01 GMT

Strong downstream activity and good production figures in the US Gulf of Mexico sent BP to an increased profit in the third quarter.

The UK supermajor, which has just agreed a huge sale of its Russian joint venture stake to Rosneft, managed to weather the storm of Hurricane Isaac which somewhat negated positives in the upstream sector.

Net profit for the three months to the end of September was $5.5 billion as against $5.22 billion a year earlier and a loss of $1.34 billion in the second quarter.

The rise came against the backdrop of a sizeable fall in revenues from $97.73 billion a year ago to $93.12 billion this time around, also down on $94.89…

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