BP profit quadruples to $4.7bn as oil prices rise

BP said Friday that net profit quadrupled in the third quarter to $4.70 billion as Middle East war disruption lifted oil and gas prices and refining margins.

The British energy company reported profit after tax of $1.16 billion in the same quarter last year.

Chief executive Meg O'Neill said BP had delivered strong results supported by a higher-price, higher-margin environment. BP said its refining margin rose to $46.70 per barrel in the third quarter from $29.60 per barrel in the April-to-June period.

The company said production and exports of refined products in the Middle East remained disrupted, while refineries not affected by the conflict benefited from tighter global supplies.

BP said net debt fell to $13.87 billion from $22.25 billion in the second quarter and that it had met its cost-reduction targets. The company suspended its share buyback programme in February.

O'Neill is due to set out a new strategy in December, with a focus on cutting debt and costs. BP shares rose 0.2 percent in London morning trading.