BP Turns To RC Profit In Q3; Underlying RC Profit Tops View – Quick Facts

British energy major BP Plc (BP.L,BP_UN.TO,BP) reported Tuesday that its third-quarter replacement cost or RC profit was $23 million, compared to last year’s loss of $2.93 billion.

Underlying RC profit was $8.15 billion, compared to $3.32 billion a year ago.

Underlying RC profit per ordinary share grew to 43.15 cents from 16.48 cents last year. Underlying RC profit per ADS was $2.59, up from $0.99 last year.

On average, 10 analysts polled by Thomson Reuters expected earnings of $1.94 per share for the quarter. Analysts’ estimates typically exclude special items.

Loss attributable to bp shareholders in the third quarter was $2.16 billion, compared with a loss of $2.54 billion in the same period of 2021.

Sales and other operating revenues surged to $55.01 billion from last year’s $36.17 billion. Analysts estimated revenues of $58.63 billion for the quarter.

Further, the company announced $2.5 billion share buyback, which is intended to execute prior to announcing its fourth-quarter results.

Looking ahead, bp expects fourth-quarter 2022 upstream production on a reported basis to be slightly lower compared with the third-quarter 2022, primarily in gas regions.

For fiscal 2022, bp now expects reported upstream production to be slightly higher compared with 2021 despite the absence of production from our Russia incorporated joint ventures. On an underlying basis, the company expects upstream production to be higher.

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