October 31, 2017 / 7:11 AM / 20 days ago

BP beats Q3 expectations, announces share buyback programme

LONDON, Oct 31 (Reuters) - British oil producer BP beat analysts’ expectations for third-quarter earnings on Tuesday and said it would buy back shares to dilute the impact of its scrip dividend programme.

BP reported third-quarter underlying replacement cost profit, the company’s definition of net income, of $1.87 billion, exceeding analysts’ forecasts of $1.58 billion.

That doubled a profit of $933 million a year earlier and $684 million in the second quarter of 2017, when the company took a large writedown on exploration.

“Given the momentum we see across our businesses and our confidence in the outlook for the group’s finances, we will be recommencing a share buyback programme this quarter,” Chief Financial Officer Brian Gilvary said. (Reporting by Karolin Schaps and Ron Bousso; editing by Jason Neely)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below