BP Reports Rise in 3Q Profit; $1.25 Billion Buyback -- Update
November 02 2021 - 4:27AM
Dow Jones News
By Sabela Ojea
BP PLC on Tuesday reported a rise in third-quarter profit,
beating forecasts, and said that it continues to expect a decline
in reported full-year upstream production.
The FTSE 100 energy group also said that it is planning an
additional $1.25 billion share 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.
BP added that the board remains committed to using 60% of 2021
surplus cash flow for share buybacks.
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.
Sales and other operating revenues decreased slightly to $36.17
billion from $36.47 billion, it added.
The board has declared a dividend of 5.46 cents per ordinary
share, to be paid in the fourth quarter.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 02, 2021 04:12 ET (08:12 GMT)
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