10/27/2020, 8:19 AM (Source: TeleTrader)
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BP turns to profit in Q3 on oil demand recovery

BP plc released on Tuesday its financial results for the third quarter of the year, revealing that it has returned to the green territory on improving demand for crude oil. BP achieved the underlying replacement cost profit of $100 million, which comes after a loss of $6.7 billion in the previous quarter.

The British energy giant reported a loss for the third trimester of $0.5 billion, significantly lower compared with a loss of $16.8 billion in the second quarter of 2020. Finally, BP announced a dividend of 5.25 cents per share.

"Having set out our new strategy in detail, our priority is execution and, despite a challenging environment, we are doing just that - performing while transforming. Major projects are coming online, our consumer-facing businesses are really delivering and we remain firmly focused on cost and capital discipline. Importantly, net debt continues to fall. We are firmly committed to our updated financial frame, including the dividend - the first call on our funds," Chief Executive Bernard Looney stated.

Breaking the News / ND