BP 3rd Quarter profit more than doubled

BP PLC has reported that its third-quarter net income has more than doubled to $3.09 billion.

According to Dow Jones Newswires, the oil company also expects to fund its $10.5 billion acquisition of assets from miner BHP Billiton entirely from the available cash.

Its revenue during the quarter rose to $80.8 billion as compared with $60.8 billion a year earlier, while its net profit rose from 89% to $3.35 billion, BP said.

Its reported oil-and-gas production during the quarter was 3.6 million barrels of oil per day at an average.

The company said that it expects to fund its acquisition of BHP’s onshore U.S. oil and gas units entirely in the available funds, reflecting a lot of confidence in its cash generation, rather than using equity for the deserved consideration.

BP said that the acquisition from BHP is expected to complete by the 31st of October.

BP has also raised its third-quarter dividend by 2.5% to 10.25 cents a share, in keeping with the promise to hike its dividend earlier in the year.