The stock of BP rose 2.5% on Thursday after the U.S. energy company announced a record-breaking quarterly profit for the third quarter.
The stock rose 2 percent in after-hours trading, while the Dow Jones Industrial Average (DJIA) gained 0.4%.
Shares of BP were down more than 4% from the previous week, while shares of S&p500 index were up more than 1%.
The company posted a profit of $6.7 billion in the third fiscal quarter, which also saw the first profit of its kind in more than two years.
The company’s net profit rose 9% to $3.2 billion.BP, which has been under pressure from rising crude prices, said it expects oil production to increase by 1.5 million barrels per day (bpd) in 2018 and the number of wells to increase again to more than 3 million.
BP says it will continue to explore the oil and gas fields in North Dakota and the Bakken formations.
The world’s biggest oil producer said it had more than $3 trillion of reserves and has plans to increase production in other places.
The oil giant says it expects to have 1.4 million bpd of crude oil reserves in 2020 and to increase that by about 1 million bp a year over the next five years.