BP have unveiled $5.14bn profits in the third quarter of 2011, up $3.56bn from the same period last year, in what their CEO said was a "turning point" for the company.
The energy company's chief Bob Dudley said they had "greater confidence" after being hit by the fallout from the Gulf of Mexico oil spill in 2010.
The rise in profits comes after a deal to explore in the Arctic region fell through.
“The past year has been unprecedented in its challenges; and BP has responded well. We have laid firm foundations for the future — in safety, in our organisation and in developing new growth opportunities.
"We have now reached a definite turning point. Our operations are regaining momentum and we are facing the future with great confidence. I believe we will build on our strengths to substantially grow operating cash flows, allowing us to directly increase returns to shareholders as well as invest for future growth", Dudley said.
The company recently discovered gas in Egypt's Nile Delta.