BP today announced a return to profit in the three months to September after last quarter's record loss, but has not resumed dividend payments to shareholders.
The firm said its replacement cost profit - a benchmark often used by oil companies to reflect the volatility of oil prices - was $1.85bn (£1.15bn) for the period, as against the $17bn loss recorded from April to June.
Markets had been expecting underlying net income on a replacement cost basis to be significantly higher, at about $4.5bn.
But hopes the company would announce a return to dividend payments were dashed after it said it would only reconsider payments at the time of the full-year results in February 2011.
Meanwhile, BP said the cost of the Gulf of Mexico oil spill had now risen by $7.7bn to $39.9bn.
The additional pre-tax charge followed a charge of $32.2bn in Q2 and was due mainly to higher spill response costs.
BP said the increased $39.9bn cost of the oil spill also included $20bn set aside under pressure from the US government for compensation payments.
Eleven workers on the Deepwater Horizon drilling rig were killed by the explosion on 20 April and hundreds of miles of coast were polluted.
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