1027 GMT - BP is among the most mentioned companies across news items over the past 4 hours, according to Factiva data, after the energy major posted third-quarter earnings below consensus forecasts. Despite producing more oil and gas, seeing higher realized refining margins and strong oil sales, the London-based company wasn't able to meet market expectations of $4.01 billion for underlying replacement cost profit. Offsetting the positives was a weaker-than-expected gas trading result, leading to an underlying replacement cost profit of $3.29 billion. Even as current oil prices remain high, they are still lower than the same period last year, while gas prices are far from the heights of 2022. "Consequently, it is no surprise to see BP's underlying profit fall year on year, although the reported figure is also considerably lower than had been anticipated," Admirals analyst Roberto Rivero says in a market comment. The FTSE 100-listed energy group said it plans to launch an additional $1.5 billion share buyback before its fourth-quarter results, while its dividend payout was raised to 7.27 U.S. cents a share from 6.006 cents a share the year prior. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)

(END) Dow Jones Newswires

October 31, 2023 06:42 ET (10:42 GMT)

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