BP Clocks 145% YoY Growth In Q3 Profit, Announces Further $2.5B Share Buyback

BP Clocks 145% YoY Growth In Q3 Profit, Announces Further $2.5B Share Buyback
  • BP plc BP posted more than double profit during Q3 of $8.15 billion from $3.32 billion, reflecting higher realizations, higher production, and an exceptional gas marketing & trading result.
  • The company expanded its share buybacks by $2.5 billion.
  • It posted a revenue of $55.01 billion, up 53% Y/Y but missing the consensus of $64.76 billion.
  • The company reported production for the quarter was 981mboe/d, up 10.4% Y/Y. Underlying production was 4.7% higher, mainly due to major project start-ups in 2021, partly offset by base decline. 
  • The average realization was $60.80/boe, up from $34.91 a year ago.
  • BP expects global gas prices to remain volatile in the fourth quarter due to a lack of supply into Europe after Russia slashed its pipeline deliveries to the continent.
  • BP said that refining margins are also expected to remain high due to sanctions on Russian crude oil and refined products.
  • BP expects fourth-quarter 2022 upstream production on a reported basis to be slightly lower compared with the third-quarter 2022, primarily in gas regions.
  • BP increased its dividend by 10% to 6.006 cents per share in the last quarter, more than its previous guidance of a 4% annual increase through 2025
  • Price Action: BP shares are down 0.30% at $33.18 during the premarket session on the last check Tuesday.

Posted In: BriefsEarningsLarge CapNewsGuidanceCommoditiesBuybacksMarketsGeneral