BP has announced a big rise in third-quarter profits, saying it has reached a turning point for its oil and gas operations and production.
BP reported third-quarter profits of $US5.14 billion - almost triple what it made in the same period a year ago, as higher oil prices offset lower production levels.
BP last week won approval to resume drilling in the Gulf of Mexico, 18 months after the Deepwater Horizon rig disaster, which severely hurt its profits and reputation.
Chief executive Bob Dudley says operations are regaining momentum and confidence is building.
''We have laid firm foundations for the future - in safety, in our organisation and in developing new growth opportunities,'' he said.
The BBC reports BP is selling non-core assets to pay for the clean-up operation in the Gulf of Mexico and for compensate payments.
The company is also increasing its asset selling programme from $US30 billion to $US45 billion.
BP's profits were helped by higher oil prices, with Brent crude currently trading at $US110 per barrel, compared with $US84 per barrel in October 2010. This helped to offset lower production levels.
