BP profit of $3.32 billion beats forecasts, plans further $1.25 billion buyback
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.
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