bp is accelerating its biogas and low-carbon business after posting $8.2bn third quarter profit which it attributed to an ‘exceptional’ gas marketing and trading result and higher gas realisations.
The strong performance of Gas and Low Carbon Energy – with profits more than doubling since the second quarter to $6.3bn, mainly due to the increase in the forward price of LNG – helped offset weaker refining margins, an average oil trading result and lower liquids realisations.
bp expects global gas prices to remain elevated and volatile during the fourth quarter due to a lack of supply to Europe with the outlook heavily dependent on Russian pipeline flows or other supply disruptions.
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