BP Announced Strong Rise In Profits

Oil giant BP has reported a strong rise in annual profits in the 3rd quarter 2005 due to high energy prices, but admitted its performance was hit by the recent hurricanes in the US.

Replacement cost profits were $4.41bn in the period, 16% up on the year, but down on the $4.98bn profit from the second quarter.

Driving profits were strong results from its upstream oil production unit, the company said, while refining profit margins hit record levels.