BP recorded a higher profit in the third quarter of 2021 and maintained the dividend. This turned out on Tuesday.
There was a loss of $ 2.5 billion in the third quarter. A year earlier, the loss was 450 million dollars. In the second quarter of 2021, BP earned $ 3.1 billion. Last year’s loss was mainly related to accounting write-off of $ 6.1 billion, mainly related to the “extraordinary rise” in gas prices towards the end of the quarter.
However, underlying replacement cost profit was $ 3.3 billion compared to $ 2.8 billion a quarter earlier and a profit of $ 86 million a year earlier.
BP’s operating cash flow was $ 6.0 billion last quarter, a significant improvement from $ 5.2 billion last year. In the second quarter, it was 5.4 billion dollars. BP’s net debt fell to just under $ 32 billion at the end of the quarter. This was 32.7 billion dollars a quarter earlier.
BP plans to pay a dividend of 5.46 cents per share for the third quarter, equivalent to the dividend for the second quarter. This was then a 4% increase.
The oil giant also wants to start a share buying program worth 1.25 billion dollars. The results for the second quarter already announced a $ 1.4 billion purchase program. The programme was completed on 1 November.
BP reiterated the plan to distribute at least 60 percent of the surplus cash flow to the shareholder in the form of a purchase of its own shares, provided that the creditworthiness is not compromised. The remaining 40% will then be used, among other things, to strengthen the balance sheet.