LONDON (dpa-AFX) - British Oil and gas major bp plc (BP.L, BP_UN.TO, BP) reported Tuesday higher replacement cost or RC profit in its third quarter with growth in revenues. Underlying RC profit and top line beat market estimates.
Further, the company announced a dividend per ordinary share of 8.320 cents for the third quarter.
Subject to board approval, bp expects an increase in the dividend per ordinary share of at least 4 percent per year.
bp also said it intends to execute a $0.75 billion share buyback prior to reporting the fourth quarter results. The $0.75 billion share buyback programme announced with the second quarter results was completed on October 31.
The company continues to expect capital expenditure to be around $14.5 billion in 2025. The capital frame of around $13-15 billion for 2026 and 2027 remains unchanged.
Looking ahead, bp expects fourth-quarter reported upstream production to be broadly flat sequnetially.
For fiscal 2025, bp now expects reported upstream production to be slightly lower and underlying upstream production to be broadly flat compared with 2024.
In the third quarter, RC profit grew to $1.22 billion from last year's $1.11 billion.
Underlying RC profit was $2.21 billion, down from $2.27 billion a year ago.
Underlying RC profit per ordinary share was 14.24 cents, compared to 13.89 cents last year. Underlying RC profit per ADS was $0.85, compared to $0.83 a year ago.
The Wall Street analysts on average expected the company to report earnings of $0.77 per share. Analysts' estimates typically exclude special items.
In the quarter, profit attributable to bp shareholders surged to $1.16 billion or 7.38 cents per share from prior year's $206 million or 1.23 cents per share. Profit per ADS was $0.44, compared to $0.07 last year.
Adjusted EBITDA grew to $9.98 billion from $9.65 billion a year ago.
Total revenues and other income increased to $49.25 billion from last year's $48.33 billion.
Sales and other operating revenues were $48.42 billion, higher than $47.25 billion a year ago. The Street was looking for sales of $43.62 billion.
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