Ticker BP.

Today's data summary

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As of 10:07 17 Jan 2019
Market cap. Pound sterling
103,078.09 million
As of 10:07 17 Jan 2019

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Clair Ridge

Kevin Keane

BBC Scotland's environment correspondent

The Clair Ridge off Shetland is expected to produce hundreds of millions of barrels over the next four decades.

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Oil stocks bolster FTSE

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While mining shares are seeing the biggest gains today, oil stocks are also helping to bolster the UK stock market as crude prices rise on news of possible output cuts.

BP shares are up 2.1% while rival oil giant Royal Dutch Shell is up 1.8%.

The FTSE 100 index is currently 21.38 points higher at 7,126.72.

FTSE 100 falls at close

BT logo

It has been a bumpy trading day for the FTSE 100.

It has ended down 0.46% at 7,095.65.

Trading on the FTSE 100 on Thursday
Trading on the FTSE 100 on Thursday

BT Group is Thursday's best performer on the blue chip index, up 8.7% at 261.57p after publishing its interim results.

Share in BP, on the other hand, shed 4.85% to 539.8p despite revealing that third quarter profits reached a five-year high.

Conversely, the FTSE 250 finished 1.19% ahead at 19,142.82.

Why BP is 'back on its game'

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More on BP which has reported profits which more than doubled in the third quarter.

Its shares are up 3.8% at 555.70p.

The strength of the oil price over the quarter was of course a factor, particularly with BP’s break even level pinned somewhere around $50 per barrel. A sharp spike in earnings coupled with an increasingly streamlined operation led to a 124% rise in replacement cost profit year on year and a 73% rise quarter on quarter. This has provided an amount of cash which has several positive ramifications. In all, however, these numbers reflect a business which is back on its game and the initial share price reaction is understandably positive.

Richard Hunterhead of markets at Interactive Investor

BP profits surge on strong oil prices

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Profits more than doubled at oil giant BP in the third quarter, thanks to stronger oil prices.

"Underlying replacement cost profit" - the company's definition of net profit - climbed to $3.8bn from $1.86bn a year earlier.

"Operations are running well across BP and we're bringing new, higher-margin barrels into production faster through efficient project execution," boss Bob Dudley said.

Iran sanctions: Oil faces 'extreme volatility'

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The chief executive of BP has told CNBC that oil prices could face extreme volatility when US sanctions against Iran come into force on 4 November.

Bob Dudley said: "I think it's going to be 45 days of extreme volatility, it could spike up, it could also go the other way."

Much depends on whether companies are grated waivers by the US to continue doing business with Iran - earlier this week BP and Serica Energy were granted a new license to run a North Sea gas field partly owned by Iran.

Mr Dudley told CNBC: "If waivers were granted to others, to big oil consuming countries, you could see [the price] go down, there's a lot of uncertainty right now."