BP Amoco Announces Record Quarter

BP Amoco p.l.c. reported its third quarter 1999 results. Third quarter 1999 replacement cost profit, before exceptional items, was $1.95 billion, after adjusting for special charges of $212 million. This is an increase of 72 percent on a year ago, reflecting the higher oil price and underlying performance improvements. Against the third quarter of 1998, performance improvements contributed around $400 million, reflecting higher volumes and lower cash costs, with the original BP Amoco merger prize of $2 billion per year before tax now fully achieved. The nine months' result, adjusted for special items, was $4.1 billion, up 15 percent on a year ago.