BP has raised its target for disposals to $45bn and promised to boost pay-outs to shareholders as the UK oil group said it had reached “a definite turning point” after last year’s devastating Gulf of Mexico spill.
The higher divestment target – up by $15bn from a previous level of $30bn – came as BP reported replacement cost profit, which strips out the value of oil and gas inventory, of $5.14bn for the third quarter, slightly higher than expected.
The result was down by 3 per cent from the previous quarter, but higher than the $1.85bn it reported in the same quarter last year when the company took a large charge related to the Gulf of Mexico spill.
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