British oil giant BP beat all forecasts and reported a 148% rise in third-quarter profits, compared with the same time in 2007, to a record $10.0 billion, thanks to higher oil prices.
Europe's second-largest oil company by market value said the results showed a turnaround under CEO Tony Hayward was paying dividends but analysts cautioned the recent collapse of crude from above $147 per barrel to around $64 meant the outlook for BP and rivals was more challenging.
The London-based company said oil and gas production rose slightly in the quarter, compared to the third quarter of 2007, to 3.664 million barrels of oil equivalent per day, while analysts had expected a small drop.
A spokesman said the production result was due to a good performance at its Thunder Horse platform in the Gulf of Mexico.
BP's previously troubled refining unit reported a big jump in profits to $1.97 billion from $371m in the same period last year.
Analysts say BP has made good progress on restructuring its crude processing division which has been a key area of underperformance relative to rivals in recent years.
