A BP company logo is displayed on a fuel pump on the forecourt of a gas station operated by BP Plc in London, U.K.
Chris Ratcliffe | Bloomberg | Getty Images
LONDON — Energy giant BP reported stronger-than-anticipated third-quarter net profit on Tuesday, benefitting from the absence of significant exploration write-offs.
Third-quarter underlying replacement cost profit, used as a proxy for net profit, came in at $100 million. That compared with a loss of $6.7 billion in the second quarter.
BP’s results come as energy market sentiment remains subdued, with an upsurge in global coronavirus cases hampering the prospects of oil demand growth.
A wave of new Covid-19 infections has prompted some countries to impose fresh restrictions as winter looms.
International benchmark Brent crude futures traded $40.86 a barrel on Tuesday morning, up around 1% for the session, while U.S. West Texas Intermediate futures stood at $38.94, up more than 0.9%.
Both contracts slipped over 3% in the previous session.
