BP's Q3 profits drop sharply, buybacks extended
© Reuters. FILE PHOTO: Vehicles drive past a BP (British Petroleum) petrol station in Liverpool, Britain, February 7, 2023. REUTERS/Phil Noble/File Photo BP -0.75% Add to/Remove from Watchlist Add to Watchlist Add Position Position added successfully to:
+ Add another position Close
LONDON (Reuters) - BP (NYSE:BP) reported on Tuesday third-quarter earnings of $3.3 billion, missing analysts' forecasts, after a large drop in energy prices from a year ago, as the company extended its $1.5 billion share repurchase programme.
BP's third-quarter underlying replacement cost profit, the company's definition of net income, missed forecasts of $4 billion in a company-provided survey of analysts.
That compared with a $2.6 billion profit in the second quarter and $8.15 billion a year earlier.
(This story has been corrected to say billion, not million, in paragraph 3)