The operational turnaround of BP was underlined yesterday when western Europe's second-biggest oil company unveiled far better than expected third quarter results and plans to cut costs by an additional $1bn.
BP reported that its headline third-quarter profit had fallen by half to just under $5bn because of the collapse in oil and natural gas prices that is expected to have cut the profits of all industry players.
But BP's shares rose 5 per cent to 597.4p on the news because the overall results were 30 to 50 per cent higher than analysts had expected.
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