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The FTSE 100-listed energy giant saw its shares rise on the stock market, after revealing a replacement cost profit of $4.98 billion (£3.05 billion) for the three months to the end of September.
This result was better than many experts had forecast, despite the fact that the figure is 50 per cent lower than that recorded during the same period in 2008.
Speaking to Reuters, Jason Kenney of ING stated that the results were "blow-away numbers".
Expenditure cuts were cited as one reason for the favourable figures, with the company managing to reduce cash costs by $3 billion during the first nine months of the year.
Richard Griffith of Evolution Securities noted that the firm is currently "harvesting the fruits of its turnaround programme".
Shares in BP rose during the morning session following the announcement and were priced at 593.8p at 15:26 GMT in London.
