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BP posts $3.3 billion third-quarter profit, beating estimates as oil prices surge

BP logos are seen at a BP petrol and diesel filling station southeast of London on June 15, 2020.

BEN STANSALL | AFP | Getty Photos

Oil and gasoline large BP beat third-quarter earnings expectations on Tuesday, fueled by surging power costs.

The British power main posted an underlying alternative value revenue, a proxy for internet revenue, of $3.3 billion for the third quarter, above analyst estimates of $3.1 billion, based on Refinitiv.

This was pushed by “greater oil and gasoline realizations, greater refining availability and throughput enabling the seize of a stronger setting and a stronger gasoline advertising and marketing and buying and selling consequence, partly offset by the next underlying tax cost,” based on the corporate’s earnings report.

This compares to $2.8 billion within the earlier quarter and $100 million for a similar interval in 2020.

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