BP could seek acquisitions after reporting higher profits

BP Plc, Europe's second-biggest oil company, may seek acquisition targets and intends to boost future dividends after posting an 83 percent increase in third-quarter profit on higher crude and natural-gas prices.

Net income advanced to $8.05 billion, or 42.56 cents a share, from $4.41 billion, or 23.07 cents, a year earlier, the London-based company said yesterday in a statement. Excluding one-time items and inventory changes, earnings beat analysts' estimates for the third straight quarter.

Chief Executive Officer Tony Hayward said the global financial crisis may "create opportunities for us and we will look at those very closely", Although oil prices could extend their 57 percent decline from July's record, BP is in a position to "cope with such volatility," Hayward added. The company increased its quarterly dividend by 29 percent.