Shares of BP PLC (LON: BP.) rose about 3.5% on Tuesday after the energy giant reported better-than-expected third-quarter earnings.
BP reported a net profit of $100 million, beating analysts’ expectations of a $347 million loss. The oil giant lost $6.7 billion in the second quarter. The energy behemoth noted a surge in demand for energy as the recovery from the pandemic takes place. However, it also mentioned “significantly lower oil trading result” for the quarter.
Following a swung to a profit, BP announced a dividend of 5.25 cents per share. The company also reiterated its commitment to raise low carbon investment to $5 billion a year within 10 years.
“Having set out our new strategy in detail, our priority is execution and, despite a challenging environment, we are doing just that — performing while transforming,” Bernard Looney, chief executive officer of BP, said in a statement.
BP share price gained about 3.5% before paring back some gains to trade at 203.05p or 1.51% in the green.
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