BP reported third-quarter profits more than doubled on Tuesday, underpinned by stronger oil prices.
The British oil giant posted first-quarter underlying replacement cost profit, used as a proxy for net profit, of $3.8 billion for the three-month period ending Sept 30. Analysts at data firm Refinitiv had been expecting third-quarter net profit to come in at around £3.013 billion ($3.847 billion).
In the third quarter of 2017, BP reported net profit of $1.865 billion.
"Overall a good set of results with everything working well," Brian Gilvary, CFO at BP, told CNBC's "Squawk Box Europe" on Tuesday.
Here are the key takeaways:
- Underlying replacement cost profit, used as a proxy for net profit, came in at $3.8 for the three-month period ending Sept 30.
- In the third quarter of 2017, BP reported net profit of $1.865 billion.
- Dividend of 10.25 cents a share for the third quarter, 2.5 percent higher than a year earlier
Earlier this year, BP announced the acquisition of BHP's Billiton's shale assets for $10.5 billion. At the time, the oil firm claimed the purchase would allow it to beef up its U.S. business and increase earnings and cash per share.
The original deal was agreed with BP offering 50 percent cash and 50 percent shares for BHP Billiton's shale assets. However, the company announced it would now complete the transaction at the end of the month from available cash without resorting to a rights issue as planned.
Gilvary said this "simplified the transaction an awful lot."