Motorists feel pain as rising oil prices, so that BP has achieved the best results for five years

Motorists feel pain as rising oil prices, so that BP has achieved the best results for five years

The booming oil prices gave BP the best results in five years as profits more than doubled.

The energy company generated revenues of £ 63 billion in the three months ended September 30, compared to £ 47.9 billion a year ago, as the price of Brent crude averaged more than $ 75 per barrel.

Profit increased 106 percent to £ 3 billion in the third quarter. But BP's gushing earnings come at a time when British drivers are being squeezed on the pumps, even though fuel tax has been further frozen this week.

The recovery in oil prices has increased gasoline prices to around 130 liters per liter.

The activists claim, however, that the recent drop in oil prices – from a US $ 86 four-year peak earlier this month to now US $ 76 – has not been passed down to the drivers who used the British courts.

According to Automotive Group AA, a significant drop in the wholesale price of gasoline would have had to lower gasoline pump prices by 2 percentage points per liter.

"The average price range for the forecourt has been increased by 2 cents per liter compared to late summer," said spokesman Luke Bosdet.

"In short, the government announced a further freeze on fuel taxes, saving the motorist an increase of 2 liters per liter.

At the same time, retailers added 2 pence, essentially squeezing the Prime Minister's giveaway. "

The oil price fell from over $ 100 a barrel in 2014 to below $ 28 at the low point in early 2015.

Since then, significant members of the oil cartel Opec and non-opec manufacturers such as Russia have tightened production to increase prices.

BP said third-quarter earnings inflows mean it will be able to fully finance the $ 8.5bn acquisition of US slate assets from US slate firm BHP if oil prices remain tight rather than issuing new shares. The purchase is expected to be completed today.

CFO Brian Gilvary said the inflated oil price was the key factor in achieving an all-cash deal for the BHP shale portfolio.

"The thing that helped us get over the borders is that prices have settled in the last four months," he said. "We see oil prices remain fairly tight at around $ 70."

Since it intends to use cash to pay for its shale assets, it will instead use the proceeds of its extensive divestment program to reduce its debt.

Bernstein analyst Oswald Clint said in a note, "We're a bit cautious when we blow the words out when we talk about BP, but today's results are just that."

Investors were supported by news as equities rose 2 percent or 10.8 percentage points to 546 percentage points.

Higher oilfield revenues and a 18.5 percent jump in Russian energy giant Rosneft also helped BP.

The latest quarterly results represent a shift for the oil company, which is still shaking off the legacy of the Deepwater Horizon disaster of 2010, which killed 11 workers and pumped nearly five million barrels of oil into the Gulf of Mexico.

The corporate bill for the disaster has exceeded £ 47 billion. BP announced yesterday that it has spent £ 308 million on post-tax oil-related payments in recent times.

"Our focus on safe and reliable operations and the implementation of our strategy results in strong revenues and cash flow," said Bob Dudley, Chief Executive Officer.

BP raised its dividend to 10.25 cents per share, an increase of 2.5 percent over the third quarter of 2017.

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