BP Replacement Cost Profit Down, Expects 4Q Production Increase
October 31 2017 - 4:16AM
Dow Jones News
By Carlo Martuscelli
BP PLC (BP.LN) reported on Tuesday that replacement cost profit
was down 9.2% in the third quarter, and said that it expects
production to increase in the next quarter.
The British oil company said that replacement cost profit, which
is a company-specific figure seen as a benchmark by analysts, was
$1.38 billion for the third quarter, compared with $1.66 billion
reported in the year-earlier period.
Underlying replacement cost profit was $1.87 billion. This was
above the consensus forecast of $1.58 billion provided by BP, which
was the average of 23 broker estimates.
Total revenue was $60.8 billion, up from $48.04 billion in the
year-before period.
Average daily production stood at 2.46 billion barrels of oil
equivalent per day. The energy giant reported that underlying
production in the quarter increased by 10.9% due to the ramp-up of
major projects.
The company announced that it was initiating a buyback program
to offset dilution of scrip dividend payments, but did not specify
the extent of the initiative.
BP reported that debt stood at $39.8 billion as of Sept. 30, up
from $32.4 billion a year ago.
The company added that it expects around $4.5 billion from
disposal proceeds in 2017--including $1.4 billion from SECCO and
$700 million from BP Midstream Partners LP's common units in the
fourth quarter.
BP declared a dividend of 10 cents, unchanged from 2016.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
October 31, 2017 04:01 ET (08:01 GMT)
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