Economy

BP beats Q3 expectations, announces share buyback programme

British energy giant BP Plc (BP.L, BP_UN.TO, BP) reported Tuesday that its replacement cost or RC profit for the third quarter declined to $1.379 billion from last year's $1.661 billion.

Reported RC profit for the quarter, however, fell to USD1.38 billion from USD1.66 billion previous year.

For the first nine months of the year, BP's underlying RC profit nearly doubled to USD4.06 billion from USD2.18 billion the year before, and it turned to a reported RC profit of USD3.34 billion from a USD1.07 billion loss.

Profit for the period attributable to BP shareholders was $1.769 billion, higher than $1.620 billion a year ago.

The announcement came against the backdrop of a much better performance in the third quarter of the year, as BP posted an underlying replacement cost profit of USD1.87 billion compared to USD933 million the year before.

Revenue of $60.808 million vs. $48.043 million over the same period a year ago.

On average, analysts polled by Thomson Reuters expected earnings of $0.48 per share on revenues of $49.21 billion for the quarter. That surpassed the $1.58 billion average estimate of 12 analysts surveyed by Bloomberg.

The return of cash payouts to BP's patient investors caused shares to rocket higher, opening up 3pc at 522p, its highest price in seven years.

The company said the profit bonanza would trigger the start of a share buyback scheme to ease the irritation of a scrip dividend put in place to help protect its balance sheet during the oil market downturn.

Operating cash flow, excluding payments related to the 2010 Gulf of Mexico oil spill, exceeded the company's organic capital expenditure and dividend for the first nine months of the year.



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