Oil giant BP at ‘turning point’

25 October 2011 Last updated at 02:33 ET

The company said the past year had been “unprecedented in its challenges”

Oil giant BP has announced a big rise in third-quarter profits and says it has reached a “turning point” for its oil and gas operations and production.

BP reported third-quarter profits of $5.14bn (£3.2bn), a near tripling of the $1.85bn replacement cost profit it made in the same period a year ago.

Chief executive Bob Dudley said operations were “regaining momentum” and the firm had “greater confidence”.

BP’s profits and reputation were hit by last year’s Gulf of Mexico oil spill.

The firm is also increasing its asset selling programme from $30bn to $45bn.

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