BP Plc Q3 RC Underlying Profit Surges; Tops Estimates - Quick Facts

(RTTNews) - BP PLC (BP.L, BP_UN.TO, BP) reported Tuesday that its third-quarter profit before taxation surged to $5.44 billion from $2.96 billion in the same period last year.

Attributable profit for the quarter was $3.35 billion, up sharply from $1.77 billion last year.

The third-quarter replacement cost or RC profit was $3.09 billion, up from $1.38 billion in the year-ago quarter.

After adjusting for a net charge for non-operating items of $649 million and net adverse fair value accounting effects of $98 million, underlying RC profit was $3.84 billion, compared to $1.87 billion a year ago.

RC profit per ADS for the quarter was $0.93, compared to $0.42 last year. Underlying RC profit per ADS was $1.15, compared to $0.57 a year ago.

On average, five analysts polled by Thomson Reuters expected earnings of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.

Sales and other operating revenues climbed to $79.47 billion from $60.02 billion last year.

The company's upstream production for the quarter, excluding Rosneft, was 2,460 mboe/d, flat with the year-ago period. Underlying production for the quarter increased by 6.8 percent, due to the ramp-up of major projects.

Further, BP announced a quarterly dividend of 10.25 cents per ordinary share, or $0.615 per ADS, which is expected to be paid on 21 December 2018.

Looking ahead, BP said it expects fourth-quarter reported production to be higher than the preceding third quarter due to the acquisition of BHP assets in the US Lower 48. The company also expects lower industry refining margins in the fourth quarter.