BP says underlying replacement cost profit came in at £66.07 million in Q3

BP says underlying replacement cost profit came in at £66.07 million in Q3
Written by:
Wajeeh Khan
27th October, 10:54
Updated: 27th October, 10:55
  • BP says underlying replacement cost profit came in at £66.07 million in Q3.
  • The oil major reports £345.74 million of net loss in the third quarter.
  • The British multinational declares 4.03 pence per share of dividend.

British Petroleum plc (LON: BP) said on Tuesday that its underlying replacement cost profit contracted in the fiscal third quarter but topped analysts’ estimates.

Shares of the company jumped roughly 3% in premarket trading on Tuesday but lost almost the entire intraday gain on market open. At 202 pence per share, British Petroleum is now more than 55% down year to date in the stock market. Interested in investing in the stock market online? Here’s a simple guide to get you started.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

BP reports £345.74 million of net loss in Q3

British Petroleum said that its underlying replacement cost profit came in at £66.07 million in the three months that concluded on 30th September. In comparison, market consensus stood at £92.20 million of loss for the third quarter. In the same quarter last year, BP’s underlying replacement cost profit was reported at a sharply higher £1.73 billion.

BP reported £345.74 million of net loss in the recent quarter versus £575.46 million in the comparable quarter of last year. Earlier this year in June, British Petroleum said it raised £9.5 billion via its first hybrid bonds issue.

The London-headquartered company also said earlier this week that it had started natural gas production from Kattameyeh field located in the north of Egypt.

Other prominent figures in the oil major’s financial results on Tuesday include £674.57 million of underlying replacement cost profit before interest and taxes from its upstream division in the fiscal third quarter. In the prior quarter (Q2), the upstream division had posted a massive £6.53 billion of loss.

BP declared 4.03 pence per share of dividend

BP’s board also declared 4.03 pence per share of dividend on Tuesday. In the same quarter last year, the board had announced a much higher 7.88 pence per share of dividend. As of 30th September, the oil and gas company valued its net debt at £31.04 billion that represents a £384.15 million decline versus the start of the third quarter.

CFO Murray Auchincloss commented on the report on Tuesday and said:

“Funding the dividend remains our first priority, and we are confident in moving toward our £26.89 billion net debt target.”

British Petroleum performed slightly downbeat in the stock market last year with an annual decline of more than 10%. At the time of writing, the FTSE 100 listed oil giant has a market cap of £41.31 billion.

Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.