WATCH: BP expanded its share buybacks by $2.5 billion as the oil giant more than doubled its third-quarter profit from a year earlier to $8.15 billion, lifted by strong natural gas trading
U.S. President Joe Biden on Monday called on major oil companies to stopexpects to pay
Auchincloss would not comment on Biden's statement, but said that BP is increasing the number of drilling rigs in the Gulf of Mexico and shale basins to boost output. BP's shares have gained more than 45% this year, buoyed by stronger oil and gas prices, but they have trailed gains by Shell and U.S. rivals Exxon Mobil and ChevronA view of a signage outside a BP petrol station in central London, Britain, August 2, 2022. REUTERS/Henry NichollsChief Executive Bernard Looney is leading BP's pivot away from oil and gas to renewables and low-carbon energy in an effort to reduce greenhouse gas emissions.
Its latest result was helped by "an exceptional gas marketing and trading result" as well as higher gas prices, offsetting weaker refining margins and "average" oil trading.Leading U.S. LNG exporter Freeport LNG has informed BP it expects to resume cargo deliveries this month after a lengthyBP holds the largest offtake contract from Freeport at 4.4 million tonnes per annum through 2040.
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