BP p.l.c. (NYSE: BP) reported financial results for the third quarter of 2018. Underlying replacement cost profit for q3 2018 of $3.8 billion. Operating cash flow was $6.6 billion. The dividend was 2.5% higher than a year prior at 10.25 cents. Oil and gas production was 3.6 million barrels of oil. Production was 6.8% higher than a year ago.
“Our focus on safe and reliable operations and delivering our strategy is driving strong earnings and growing cash flow. Operations are running well across BP and we’re bringing new, higher-margin barrels into production faster through efficient project execution. We have made very good progress with our acquisition from BHP and expect to complete the transaction tomorrow. This will transform our position in the US Lower 48 and we expect it to create significant value for BP. This progress all underpins our commitment to growing distributions for our shareholders,” Group Chief Executive Bob Dudley said.
The Thunder Horse Northwest expansion project in the Gulf of Mexico and the Western Flank B project in Australia began production in October, both ahead of schedule. They are BP’s fourth and fifth major projects to start up in 2018. Expansion in fuels marketing, now have around 1,300 convenience partnership sites worldwide and network growth in Mexico.