by Joe Hope
BP Plc on Tuesday reported a quarterly slip in third-quarter implicit replacement cost benefit but fared much better than expectations, announced another quarter of share buybacks and said it expects upstream production growth for 2022. Is.
FTSE 100 Energy Group said it plans an additional $2.5 billion of share buybacks ahead of its fourth-quarter results and expects fourth-quarter upstream reported production to decline slightly in the quarter, but in comparison to the overall There will be a slight increase for the year. 2021.
BP said the board is committed to using 60% of its 2022 surplus cash flow for share buybacks.
The British oil and gas major posted an underlying replacement cost benefit of $8.15 billion in the three months to the end of September, down from $8.45 billion in the previous quarter due to weaker refining margins, average oil business results and lower liquid receivables . Although offset by exceptional gas marketing and trading results and higher gas receipts.
The underlying replacement cost benefit substantially beat the $3.32 billion reported in the third quarter of 2021, and was above the market consensus of $6.14 billion provided by the company and averaged over 29 analysts’ forecasts.
The company reported a net loss of $2.16 billion, reflecting a net inventory loss of after-tax tax of $2.2 billion, and a charge to adjust tax net of $8.1 billion, primarily due to forward gas as compared to the end of the second quarter. due to further increase in prices. quarter. This compares with net profit of $9.26 billion in the immediately prior quarter, it said.
BP said sales and other operating revenue fell to $55.01 billion from $67.87 billion.
The company said it expects oil prices, gas prices and refining margins to remain high during the fourth quarter, mainly due to reduced supplies of Russian products amid sanctions.
The board declared a dividend of flat 6.006 cents per share in the previous quarter.
Write to Joe Hope at [email protected]
Credit: www.marketwatch.com /