BP says that the underlying replacement cost gain in Q3 was £66.07 million.
The oil company reported a net loss of £345.74 million in the third quarter.
The UK multinational declares a dividend of 4.03 pence per share.
British Petroleum plc (LON: BP) said on Tuesday that its underlying replacement cost profit shrank in the third quarter but exceeded analysts’ estimates.
The company’s shares rose about 3% in pre-trade trading on Tuesday, but lost almost all of its intraday profit when the market opened. At 202 pence per share, British Petroleum’s trading now stands more than 55% below its previous year’s earnings. Are you interested in investing in the stock market online? Here is a simple guide to help you get started.
BP reports a net loss of £345.74 million in Q3
British Petroleum said that the underlying replacement cost gain in the three months ended September 30 was £66.07 million. This compares to a market consensus loss of 92.20 million pounds sterling for the third quarter. In the same quarter last year, BP’s underlying replacement cost profit was reported significantly higher at £1.73 billion.
BP reported a net loss of £345.74 million in the final quarter, compared with a net loss of £575.46 million in the same quarter last year. In early June this year, British Petroleum said it had raised £9.5 billion through its first hybrid bond issue.
The London-based company also said earlier this week that it had started production from the Kattameyeh field in northern Egypt.
Other prominent figures in the oil majors financial results on Tuesday include £674.57 million in underlying replacement cost earnings before interest and tax from its upstream division in the third financial quarter. In the previous quarter (Q2) the upstream division had posted a massive loss of £6.53 billion.
BP declared a dividend of 4.03 pence per share
BP’s board of directors also declared a dividend of 4.03 pence per share on Tuesday. In the same quarter last year, the Board had announced a significantly higher dividend of 7.88 pence per share. As of September 30, the oil and gas company valued its net debt at £31.04 billion, a decrease of £384.15 million from the beginning of the third quarter.
Chief Financial Officer Murray Auchincloss commented on Tuesday and said
“Financing the dividend remains our first priority and we are confident that we will approach our target of £26.89 billion net debt.
British Petroleum’s stock market performance last year was slightly negative, with an annual decline of more than 10%. At the time of writing, the FTSE 100 listed oil giant has a market capitalisation of £41.31 billion.