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| Version 2 | Version 3 |
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| Oil giant BP reaches 'turning point' | Oil giant BP reaches 'turning point' |
| (40 minutes later) | |
| 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. | 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. | 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". | 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. | 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. | The firm is also increasing its asset selling programme from $30bn to $45bn. |
| It had decided to sell non-core assets in order to pay for the clean-up operation in the Gulf of Mexico and to compensate victims. | It had decided to sell non-core assets in order to pay for the clean-up operation in the Gulf of Mexico and to compensate victims. |
| 'Firm foundations' | 'Firm foundations' |
| BP's profits were helped by higher oil prices, with Brent crude currently trading at $110 a barrel, compared with $84 a barrel in October 2010. | BP's profits were helped by higher oil prices, with Brent crude currently trading at $110 a barrel, compared with $84 a barrel in October 2010. |
| This helped to offset lower production levels. | This helped to offset lower production levels. |
| Oil production in the July to September period fell by 12% on the same quarter last year to 3.3m barrels per day, due to the suspension of production in the Gulf. | |
| It was only last week that BP won approval to resume drilling in the Gulf of Mexico, 18 months after the Deepwater Horizon disaster. | It was only last week that BP won approval to resume drilling in the Gulf of Mexico, 18 months after the Deepwater Horizon disaster. |
| Even allowing for the businesses BP is selling, production fell by 8%, but the company said it expected output to pick up in the fourth quarter. | Even allowing for the businesses BP is selling, production fell by 8%, but the company said it expected output to pick up in the fourth quarter. |
| "The past year has been unprecedented in its challenges, and BP has responded well," said Mr Dudley. | "The past year has been unprecedented in its challenges, and BP has responded well," said Mr Dudley. |
| "We have laid firm foundations for the future - in safety, in our organisation and in developing new growth opportunities. | "We have laid firm foundations for the future - in safety, in our organisation and in developing new growth opportunities. |
| "As our extended turnaround programme moves towards completion we are seeing production return, particularly from Angola, the UK North Sea and the US Gulf of Mexico, where we produce our higher-value barrels." | "As our extended turnaround programme moves towards completion we are seeing production return, particularly from Angola, the UK North Sea and the US Gulf of Mexico, where we produce our higher-value barrels." |
| Shares in BP rose 4.5% in morning trading. | Shares in BP rose 4.5% in morning trading. |