Energy shares are up before the bell, lifted by higher oil prices as the dollar dips before the FOMC meeting. BP plc ( BP ) is up over 1% pre-market on the NYSE as third quarter profit beat analysts' expectations. The oil giant posted net income of $5.5 billion excluding one-time items and inventory changes, which was above the $4.6 billion consensus reached by analysts polled by Bloomberg. ConocoPhillips Inc ( COP ) plans to start drilling off northwest Australia in March 2011. In a filing with the Australian Environment Department, the company said the plan consists of drilling for five to eight wells in the Browse Basin over a two-year period. Energy explorer W&T Offshore Inc ( WTI ) reported third quarter results that beat analysts' forecasts on the back of higher prices and lower expenses. Shares are flat pre-market. Exxon Mobil's ( XOM ) Nigerian unit Mobil Producing Nigeria discovered gas in the Awawa Field as the company looks to supply power to the Nigerian market. Brent crude is up 0.7% at $85.25 a barrel on NYMEX.
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