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A BP company logo sits on a flag as the item flies on the forecourt of a gas station operated by BP Plc in London, U.K.
Oil major BP beat analyst expectations Tuesday, highlighting the improving fortunes of an industry in which’s withstood one of the deepest downturns in a generation.
Here are some of the highlights through the earnings:
- Underlying replacement cost profit, used as a proxy for net profit, $1.865 billion from the third quarter vs. $1.588 billion expected by a Thomson Reuters analyst consensus.
- Revenue of $60.808 million vs. $48.043 million over the same period last year.
The British oil giant posted third-quarter underlying replacement cost profit, used as a proxy for net profit, of $1.87 billion, beating analysts’ projections of $1.58 billion.
The firm also announced the item might buy back shares over the next three months in order to try to dampen the impact of its scrip dividend program. This specific is usually a scheme where a company’s cash reserves are converted into fresh shares. Buying back shares can boost the cost of remaining shares, as there might be less in circulation.
“We are steadily building a track record of delivering on our plans along with growing across our businesses,” Bob Dudley, chief executive at BP, said in a statement shortly after the third-quarter results were announced.
“There is usually still room for further improvement along with we will keep striving to boost sustainable free cash flow along with distributions to shareholders,” he added.