BP has revealed a drop in third quarter profits, largely due to weaker energy prices, but maintained its rewards for shareholders.
The company reported underlying replacement cost profit, its main pre-tax measure, of $3.3bn (£2.7bn) for the three months to September.
The sum had stood at more than $8bn in the same period a year ago and even came in below analysts’ forecasts of $4bn.
The company said it was largely explained by lower oil and gas costs compared to a year ago.
BP said the third quarter sum reflected higher oil and gas production, strong refining margins, lower refinery
maintenance and “a very strong oil trading result”.
It was the first set of results for BP since its chief executive Bernard Looney quit the business abruptly in September after admitting not being “fully transparent” about personal liaisons with staff.
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Interim CEO Murray Auchincloss, who has vowed to maintain BP’s transition towards zero net emissions by 2050, told investors: “This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery.
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“Momentum continues to build across our businesses, with recent start-ups including Tangguh Expansion, bpx energy’s ‘Bingo’ central processing facility and Archaea Energy’s first modular biogas plant in Indiana.”
He added: “We remain committed to executing our strategy, expect to grow earnings through this decade, and are on track to deliver strong returns for our shareholders.”
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The company kept its dividend unchanged at 7.27 cents per share and extended its $1.5bn share buyback programme over the next three months.
It also said there was no change to its dividend guidance – which is based on an assumed cost for Brent crude oil of $60 a barrel alongside board discretion.
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BP has benefited from a lift to oil prices since June, with Brent currently standing just below $90 having pushed closer to $100 earlier this month.
That has been largely explained by production cuts initiated by Saudi Arabia and Russia – with global prices remaining volatile in the wake of the Israel-Hamas war.
