British Petroleum has announced more than doubled profits for the third quarter of this years. This has been mostly thanks to oil prices which rallied during the last couple of months.
Analysts were not expecting this announcement and in actual fact the stock price increased by 3% from the day before.
BP’s strategy of cutting costs, caused by lower oil prices, is being fruitful as the firm has also announced that dividends will continue to grow.
Another goal of the company is to return to production levels in 2010, when the environmental disaster in the Gulf of Mexico forced the company to sell several billion in assets, which drastically reduced production.
Following the environmental disaster in which 11 people died, BP agreed with the US government for a fine of 20 billion dollars, to be paid in "installments" of 1 billion a year. This fine, the company reported, weighed $ 500 million this quarter.
As we can see from the below chart, the stock price is currently held positioned at all-time highs!