BP Plc has announced that third quarter profits for 2011 have risen. After the disaster that was 2010 BP is finally seeing the light at the end of the tunnel. It has recently been granted the right to drill in the Gulf of Mexico again too.
BP 3rd quarter profits for 2011 have been declared at $5.14 billion (£3.2 billion) which represents an increase in profits of around 300 percent on last year. Even then 2010 was a disaster it still made profits, all was not lost in the Gulf of Mexico.
CEO Bob Dudley is confident the BP is regaining much of its lost momentum now. However, although the figures are looking more promising it is still planning to sell off around $45 billion of its assets to help pay for the extremely costly clear-up operation in the Gulf of Mexico.
Less Oil Produced
BP actually produced less oil during the 3rd quarter of 2011. This year it produced around 3.3 million barrels a day which is 12% less than production for the same period in 2010. It is planning to increase production over the next 3 months and hopes that by 2012 production will be back at 100% again.
As a result of the good news shares are up. Pensioners and pension investors alike will be pleased with the news as BP has traditionally been one of the safe UK blue chip stocks that make up a large bulk of pension funds for people approaching retirement.
Latest BP Share Price:
452.15 pence +14.05? pence today (3.21%?) (last trade price from 15:06 GMT, 25 Oct)
See http://www.google.co.uk/finance?client=ob&q=LON:BP for the latest prices.