FILE - The logo of British Petroleum, BP, adorns a petrol presumption successful westbound London, Aug. 4, 2020. Soaring lipid and state prices tied to the planetary economical betterment from the coronavirus pandemic helped bolster British lipid elephantine BP's third-quarter profits, the institution said Tuesday Nov. 2, 2021 (AP Photo/Alastair Grant, File)

FILE - The logo of British Petroleum, BP, adorns a petrol presumption successful westbound London, Aug. 4, 2020. Soaring lipid and state prices tied to the planetary economical betterment from the coronavirus pandemic helped bolster British lipid elephantine BP's third-quarter profits, the institution said Tuesday Nov. 2, 2021 (AP Photo/Alastair Grant, File) (Copyright 2020 The Associated Press. All rights reserved)

LONDON – Soaring lipid and state prices tied to the planetary economical betterment from the coronavirus pandemic helped bolster British lipid elephantine BP's third-quarter profits, the institution said Tuesday.

BP said its underlying replacement outgo profits — the manufacture modular — jumped to $3.3 cardinal successful the 3 months ending successful September, up from conscionable $86 cardinal a twelvemonth earlier, erstwhile lipid prices had slumped due to the fact that of the pandemic.

With its finances successful amended health, the institution said it would reward shareholders with a $1.25 cardinal share-buyback program, which it said volition beryllium completed earlier it announces its full-year results.

“This has been different bully 4th for BP — our businesses are generating beardown underlying net and currency travel portion maintaining their absorption connected harmless and reliable operations," BP main enforcement Bernard Looney said.

Like others successful the sector, BP has benefited from rising lipid and state prices successful caller months, compared with past twelvemonth erstwhile they fell sharply pursuing the onset of the pandemic.

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BP said that if the planetary Brent crude lipid measurement remains supra $60 a barrel, it should beryllium capable to bargain backmost astir $1 cardinal shares each 4th and summation its dividend by 4% annually done 2025.

BP besides said it has continued paying down its debt, which had jumped successful aboriginal 2020 amid the lipid terms collapse. Its nett indebtedness stood astatine $32 billion, down from $32.7 cardinal astatine the extremity of the 2nd quarter.

Copyright 2021 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.