BP Plc Q3 RC Profit Down, Underlying RC Profit Tops Estimates - Quick Facts

(RTTNews) - British energy giant BP Plc (BP.L, BP_UN.TO, BP) reported Tuesday that its replacement cost or RC profit for the third quarter declined to $1.379 billion from last year's $1.661 billion. RC profit per share was 6.98 cents, down from 8.82 cents last year.

RC profit per ADS was $0.42, compared to $0.53 a year ago.

Profit for the period attributable to BP shareholders was $1.769 billion, higher than $1.620 billion a year ago.

Underlying replacement cost profit for the third quarter was $1.87 billion, compared to $933 million last year.

Underlying RC profit per share was 9.44 cents, compared to 4.96 cents last year. Underlying RC profit per ADS was $0.57, compared to $0.30 a year ago.

Sales and other operating revenues for the quarter climbed to $60.02 billion from $47.05 billion last year.

On average, analysts polled by Thomson Reuters expected earnings of $0.48 per share on revenues of $49.21 billion for the quarter. Analysts' estimates typically exclude special items.

Group oil and gas production in the third quarter averaged 3.6 million barrels of oil equivalent a day, 14% higher than in 2016.

Further, BP announced a quarterly unchanged dividend of 100 cents per ordinary share or $0.600 per ADS, which is expected to be paid on December 21.

BP will recommence a share buyback programme in the fourth quarter, intended to offset the ongoing dilutive effect of scrip dividends over time.

Further, the company said around $4.5 billion in disposal proceeds are expected for full year 2017, with $1.0 billion received in first nine months.