Although yesyerday was a good day for oil companies overall, BP PLC outperformed rivals after cost-containment helped its third quarter results to top forecasts. Net profit excluding one-off items and inventory charges fell only 47% to US$4.67B, versus the median analyst prediction of US$3.25B.
Still, the earnings weren’t the only achievement BP announced yesterday. It now expects to cut costs by an additional US$1B, bringing estimated savings for 2009 to US$4B. Investors, encouraged by the results, pushed the BP stock up to a 52 week high of US$58.69 yesterday.
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