British oil giant BP beat analysts' forecasts and reported a 148 per cent rise in third-quarter replacement cost profits, compared with the same period in 2007, to $10.029 billion, due to higher oil prices.
The replacement cost result, which strips out unrealised gains or losses related to changes in the value of fuel inventories, included a net gain of $1.147 billion related to non-operating items.
Excluding such items, the underlying replacement cost result was $8.882 billion, ahead of an average forecast of $6.90 billion in a Reuters poll of 10 analysts.
Production rose in the quarter, while analysts' had expected a fall.
A spokesman said the production result was due to a good performance at its Thunder Horse platform in the Gulf of Mexico. "The well performance is amazing there," he said.
The world's fourth-largest western oil major by market value said its quarterly dividend would be 14 cents per share, up from 10.825 cents a year earlier.