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BP profits up in 3Q, but Dudley thinks there is still «room for improvement»

BP reported a greater-than-expected increase in 3Q profits.

BP profits up in 3Q, but Dudley thinks there is still «room for improvement»

BP reported on October 31, 2017, a greater-than-expected increase in 3rd-quarter profits on the back of the recent increase in oil prices.

BP has more than doubled profits in the 3rd quarter after securing a 14% jump in oil and gas production.

3Q highlights:

  • BP's profit for the 3rd quarter and 9 months was $1.769 bln, up from $1.620 bln for the same periods in 2016
  • Replacement cost (RC) profit was $1.379 bln, compared with $1.661 bln for the same period in 2016
  • Underlying RC profit was $1.9 bln, compared with $684 mln in the previous quarter
  • Operating cash flow, excluding Gulf of Mexico oil spill payments, was $6.6 bln
  • Recommencing share buyback programme in 4th quarter to offset ongoing dilutive effect of scrip dividends over time
  • Reported group oil and gas production in the 3rd quarter averaged 3.6m barrels of oil equivalent a day, 14% higher than in the 3rd quarter of 2016
  • 3 Upstream major projects began production in the quarter

«This quarter, 3 new upstream projects and the highest downstream earnings in 5 years, underpinned by reliable operations and disciplined spending, have generated healthy earnings and cash flow. There is still room for further improvement and we will keep striving to increase sustainable free cash flow and distributions to shareholders», BP CEO Bob Dudley said.

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