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Oil major BP shares up 3% as profits rise to £1.4bn

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BP has more than doubled profits in the third quarter after securing a 14% jump in oil and gas production

BP has more than doubled profits in the third quarter after securing a 14% jump in oil and gas production

BP has more than doubled profits in the third quarter after securing a 14% jump in oil and gas production

BP has more than doubled profits in the third quarter after securing a 14% jump in oil and gas production.

The oil major said underlying replacement cost (RC) profit - the market's preferred measure - rose to $1.9bn (£1.44bn) over the three-month period, up from $684m (£603m) for the same quarter last year.

On a nine-month basis, underlying RC profits also climbed to $4.1bn (£3.1bn) in contrast to $2.2bn (£1.7bn) in 2016.

Shares in the firm rose more than 3%, hitting a seven-year high during morning trading on the London Stock Exchange, as earnings beat expectations.

It added that oil and gas production during the third quarter rose to an average of 3.6m barrels of oil per day after it launched several new projects.

BP, which has been reshaping its business in order to cope with long-term low oil prices, also announced a share buyback scheme for the fourth quarter.

The update comes amid brighter outlook for global oil giants after the price of Brent crude lifted above $60 a barrel for the first time in two years.

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