BP said it has made progress on cost-cutting and strengthening its balance sheet, while full-year proceeds from divestments are expected to be higher than previously guided.
The energy giant posted a third-quarter underlying replacement cost profit, or adjusted net income, of $2.21 billion, compared with the average $2.02bn in a company-provided poll of analysts, but less than the $2.27bn reported a year ago amid this year’s lower oil prices.
BP kept the pace of its quarterly share buyback programme at $750 million through the third quarter.
Chief Executive Murray Auchincloss said he expected completed or announced disposal agreements to reach between $4bn and $5bn for this year, ahead of previous guidance of $3-4bn.
The solid performance came despite lower commodity prices during the period, with liquids prices averaging $60.02 a barrel bbl, down from $70.68 a barrel the year before, though natural gas prices improved.
Mr Auchincloss said: “We’ve delivered another quarter of good performance across the business with operations continuing to run well. All six of the major oil and gas projects planned for 2025 are online, including four ahead of schedule.
“We continue to make good progress to cut costs, strengthen our balance sheet and increase cash flow and returns.
“We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency”.
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