BP PLC (BP.LN) reported on Tuesday that replacement cost profit was down 9.2% in the third quarter, and said that it expects production to increase in the next quarter.
The British oil company said that replacement cost profit, which is a company-specific figure seen as a benchmark by analysts, was $1.38 billion for the third quarter, compared with $1.66 billion reported in the year-earlier period.
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Underlying replacement cost profit was $1.87 billion. This was above the consensus forecast of $1.58 billion provided by BP, which was the average of 23 broker estimates.
Total revenue was $60.8 billion, up from $48.04 billion in the year-before period.
Average daily production stood at 2.46 billion barrels of oil equivalent per day. The energy giant reported that underlying production in the quarter increased by 10.9% due to the ramp-up of major projects.
The company announced that it was initiating a buyback program to offset dilution of scrip dividend payments, but did not specify the extent of the initiative.
BP reported that debt stood at $39.8 billion as of Sept. 30, up from $32.4 billion a year ago.
The company added that it expects around $4.5 billion from disposal proceeds in 2017--including $1.4 billion from SECCO and $700 million from BP Midstream Partners LP's common units in the fourth quarter.
BP declared a dividend of 10 cents, unchanged from 2016.
Write to Carlo Martuscelli at email@example.com
(END) Dow Jones Newswires
October 31, 2017 04:01 ET (08:01 GMT)