BP 3Q profit more than doubled

BP PLC reported third-quarter net income more than doubled to $3.09 billion.

The oil company also expects to fund its $10.5 billion acquisition of assets from miner BHP Billiton entirely from available cash, according to Dow Jones Newswires.

Revenue during the quarter rose to $80.8 billion, compared with $60.8 billion a year earlier, while net profit rose 89% to $3.35 billion, BP said.

Reported oil-and-gas production during the quarter was 3.6 million barrels of oil a day.

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The company said it expects to fund its acquisition of BHP's onshore U.S. oil and gas units entirely in available funds, reflecting confidence in its cash generation, rather than using equity for the deserved consideration.

BP said the acquisition from BHP is expected to complete on Oct. 31.

BP also raised its third-quarter dividend by 2.5% to 10.25 cents a share, in keeping with its decision to hike its dividend earlier in the year.