BP 3Q Underlying Replacement Cost Profit Rose Ahead of Views
November 02 2021 - 04:00AM
Dow Jones News
By Sabela Ojea
BP PLC on Tuesday reported a rise in underlying replacement cost
profit, beating expectations, and said that it continues to expect
a decline in full-year upstream production.
The British oil-and-gas major made an underlying replacement
cost profit of $3.32 billion in the three months through to the end
of September, up from $2.80 billion in the previous quarter and $86
million in the third quarter of 2020.
This was above market consensus of $3.06 billion, provided by
the company and averaged from the forecasts of 25 analysts.
The company swung to a net loss of $2.54 billion reflecting high
gas prices toward the end of the quarter. This compares with a net
profit of $3.12 billion in the immediately prior quarter, it
added.
The FTSE 100 energy group also said that it aims to execute a
further $1.25 billion buyback before it announces its
fourth-quarter results and that it expects upstream underlying
production to be slightly higher than in 2020. This will be driven
by a "ramp up of major projects, primarily in gas regions, partly
offset by the impacts of reduced capital investment and decline in
lower-margin gas assets," it said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 02, 2021 03:45 ET (07:45 GMT)
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