Energy Industry
Industry: Email Alert RSS FeedBP AMOCO'S THIRD-QUARTER RESULTS UP...
Europe Energy, November, 1999
Oil giant BP Amoco Plc has reported a 72% surge in third-quarter profits reflecting higher oil prices and underlying performance improvements. The record replacement cost profit of USD1.955 billion was at the top end of analysts' forecasts, and came just days after a key regulatory breakthrough in its plan to buy US-based Atlantic Richfield Co (Arco) for USD26.8 billion.
Performance improvements contributed USD400 million to the earnings improvement. Downstream earnings in the quarter declined three percent as poor margins offset performance improvements and chemicals profits slipped 46% in a similarly weak environment, but upstream earnings were over three times higher than a year ago. Chief Executive John Browne said that although BP expected the markets for...
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