BP beats Q3 expectations, announces share buyback programme

[LONDON] 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 US$1.87 billion, exceeding analysts' forecasts of US$1.58 billion.

That doubled a profit of US$933 million a year earlier and US$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.

REUTERS