BP BP Plc

   By Christian Moess Laursen 
 

BP said its third-quarter profit rose on quarter, benefiting from higher realized refining margins and oil and gas production, although it missed expectations.

The British oil-and-gas major said Tuesday that it made an underlying replacement cost profit--a metric similar to net income that U.S. oil companies report--of $3.29 billion in the three months to the end of September, up from $2.59 billion in the preceding quarter. This missed an averaged analysts' forecast compiled by the company of $4.01 billion.

Boosted by a surplus cash flow of $3.11 billion, the FTSE 100-listed energy group plans to launch an additional $1.5 billion share buyback before its fourth-quarter results, while its dividend payout was raised to 7.27 cents from 6.006 cents a year prior.

The bulk of the trading haul came from the London-based company's gains in its oil production and operations segment, totaling $3.14 billion in the quarter before interest and taxes, up from $2.78 billion in the second quarter.

Higher realized refining margins, a strong oil trading result and higher oil and gas production also drove the gains, albeit not enough to match the prior-year's result of $8.15 billion when high natural-gas prices in Europe drove record profits for the world's major energy companies.

"This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery," interim Chief Executive Murray Auchincloss said.

BP's net income rose on quarter to $4.89 billion from $1.79 billion.

Looking ahead, BP expects fourth-quarter oil, gas and low-carbon energy production to be broadly flat sequentially, with significantly lower realized refining margins.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

October 31, 2023 03:40 ET (07:40 GMT)

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