LONDON (dpa-AFX) - British oil and gas major BP Plc (BP, BP.L) on Friday reported significantly higher replacement cost profit in its third quarter, as revenues surged from last year with higher prices, despite weak production. Further, the firm updated fiscal 2026 production outlook.
In the overnight activity on the NYSE, the shares were trading 1.49 percent higher at $51.10.
In the third quarter, replacement cost or RC profit climbed to $3.098 billion from last year's $1.223 billion. Underlying RC profit was $8.458 billion, compared to $2.210 billion a year ago.
As announced earlier, the latest result included an impairment charge of $3.890 billion primarily related to the group's transition businesses.
Underlying RC profit per ordinary share was 54.37 cents, up from 14.24 cents last year. Underlying RC profit per ADS was $3.26, higher than $0.85 in the prior year.
Profit for the period attributable to bp shareholders grew to $4.696 billion from prior year's $1.161 billion. Earnings per ADS were $1.79, higher than $0.44 last year.
In the quarter, profit before taxation climbed to $8.613 billion from $3.236 billion in the previous year.
Total revenues and other income surged to $69.884 billion from previous year's $49.250 billion. Sales and other operating revenues were $68.399 billion, up from $48.420 billion last year.
Upstream production was at around 2.22 million barrels per day, down from 2.36 million barrels per day last year.
Total hydrocarbons production declined to 1,436 mboe/d from 1,556 mboe/d last year.
Average realizations of total hydrocarbons climbed to $57.59/boe from $47.89/boe a year ago.
Looking ahead for the fourth quarter, bp expects reported upstream production to be 2,090 to 2,230mboe/d, including the impact of continued disruption in the Middle East, activity phasing in bpx energy, seasonally lower gas demand and around 20mboe/d for a weather event in the Gulf of America.
For fiscal 2026, bp now expects reported upstream production to be 2,210 to 2,250mboe/d, compared with 2,312mboe/d in 2025.
BP previously expected reported upstream production between 2,180 and 2,270 mboe/d versus 2,312 mboe/d in 2025.
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