Byline: HENRYK ZIENTEK

OIL giant BP today posted record third quarter profits of pounds 6.4bn - as it reaped the benefits of higher petrol prices.

The company's huge haul for the period from July to September is almost one-and-a-half times the figure logged for the same period last year.

The profits are likely to spark fresh protests from motorists and businesses who have felt the pain at the petrol pumps this year.

Oil prices have fallen by more than half their July peak to just above 60 dollars ghd hair straighteners a barrel as global recession fears mount, despite moves by oil cartel Opec to cut production.

BP chief executive Tony Hayward said: "Although it has since fallen away sharply, the high oil price of the third quarter obviously helped our absolute result."

The company averaged a selling price of more than 111 US dollars a barrel, compared to just 71 dollars in the same period last year.

Excluding one-off gains, BP's underlying profits of pounds 5.7bn easily exceeded City hopes.

Despite the boost from record oil prices, Mr Hayward maintained that BP had also benefited Richard Mille Watch Replica from an improved operating performance.

Increased production from major projects more than offset the impact of hurricanes in the Gulf of Mexico during a period in which BP produced 3.66m barrels of oil equivalent a day - up by 5% on the same period last year.

Mr Hayward said the company was well-set to weather the storm of a global recession and the prospect of falling oil prices.

The oil firm, which expects to spend up to pounds 14.1bn on capital investment this year, counts major investors such as pension funds among its shareholders.

Mr Hayward said BP was delivering on its promise to shareholderswith a 60%increase in dividends on a year ago.

He added: "Our aim remains to grow that dividend through time in line Hair extensions Wholesale with our view of future sustainable performance.

Bookmark: