By Joe Hoppe

BP PLC on Tuesday reported an on-quarter slip in third-quarter underlying replacement cost profit, but significantly outperformed expectations, and declared a further quarterly share buyback.

The British oil-and-gas major made an underlying replacement cost profit of $8.15 billion in the three months through the end of September, down from $8.45 billion in the previous quarter due to weaker refining margins, average oil trading results and lower liquids realizations, though offset by exceptional gas marketing and trading results and higher gas realizations.

Underlying replacement cost profit significantly beat the $3.32 billion reported in the third quarter of 2021, and was above a market consensus of $6.14 billion, provided by the company and averaged from the forecasts of 29 analysts.

The FTSE 100 energy group declared a dividend of 6.006 cents a share, flat on the prior quarter, and said it intends to carry out a $2.5 billion share buyback before its fourth-quarter results.

BP added that the board remains committed to using 60% of 2022 surplus cash flow for share buybacks.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

November 01, 2022 03:37 ET (07:37 GMT)

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