British oil giant, British Petroleum, on Tuesday reported that it has more than doubled it’s bottom-line in the third quarter, bolstered by stronger oil prices.
With oil prices hitting a four-year high in the last quarter, the company reported a ~300% jump in its revenue from $20 billion to $80.8 billion (£63 billion), compared to the same period in the previous year.
The underlying profit of the company for the three month period ending September 30 grew by more than 100%, from $1.86 billion to $3.8 billion, over the three-month period in the previous quarter. The company also declared a dividend of 10.25 cents per share for the third quarter, 2.5% higher than a year earlier.
Considering the tensions surrounding the oil markets, owing to the looming U.S. sanctions on Iran (OPEC's third largest oil producer) and the heightened tensions between Washington and Saudi Arabia (the world's biggest oil exporter), BP's estimated outperformance is considered to be a big news for the industry.