BP Hasn't Made Decision on Future Dividend Payouts
October 30 2019 - 03:57AM
Dow Jones News
By Ian Walker
Oil giant BP PLC (BP.LN) said Wednesday that no decision has
been made over future dividends and that the board will decide on
any payout at the end of each quarter.
The London-based energy giant declared a maintained quarterly
dividend of 10.25 cents a share on Tuesday alongside a loss in
third quarter earnings. It also suspended the scrip dividend option
which allows shareholders to take shares instead of cash.
On Tuesday BP reported a replacement-cost loss--a metric similar
to the net income figure that U.S. oil companies report--of $351
million compared with a profit of $3.09 billion in the year-earlier
period.
Stripping out the one-off items, BP's results exceeded analyst
expectations, with the underlying replacement-cost profit at $2.25
billion, above a company-compiled consensus of 24 brokers'
estimates forecasting $1.73 billion.
Still, the result was well below the same period last year, when
its underlying replacement-cost profit was $3.84 billion for the
three months ended Sept. 30, compared with a profit of $3.09
billion in the year-earlier period.
Sarah McFarlane and Giulia Petroni contributed to this
article.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 30, 2019 03:42 ET (07:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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