BP profits surge as oil and gas prices bounce back
By PAN PYLAS
Associated Press
LONDON (AP) — Soaring oil and gas prices tied to the global economic recovery from the coronavirus pandemic helped bolster third-quarter profits at British oil giant BP. The company said Tuesday that its underlying replacement cost profits — the industry standard — jumped to $3.3 billion in the three months ending in September, up from just $86 million a year earlier when oil prices had slumped because of the pandemic. With its finances in better health, the company says it would reward shareholders with a $1.25 billion share-buyback program. BP said that will be completed before it announces its full-year results.
