Oil major BP beat analyst expectations Tuesday, highlighting the improving fortunes of an industry that's withstood one of the deepest downturns in a generation.
Here are some of the highlights from the earnings:
- Underlying replacement cost profit, used as a proxy for net profit, $1.865 billion in the third quarter vs. $1.588 billion expected by a Thomson Reuters analyst consensus.
- Revenue of $60.808 million vs. $48.043 million over the same period last year.
The British oil giant posted third-quarter underlying replacement cost profit, used as a proxy for net profit, of $1.87 billion, beating analysts' projections of $1.58 billion.
The firm also announced it would buy back shares over the next three months in order to try to dampen the impact of its scrip dividend program. This is a scheme where a company's cash reserves are converted into new shares. Buying back shares can boost the price of remaining shares, as there would be less in circulation.
"We are steadily building a track record of delivering on our plans and growing across our businesses," Bob Dudley, chief executive at BP, said in a statement shortly after the third-quarter results were announced.
"There is still room for further improvement and we will keep striving to increase sustainable free cash flow and distributions to shareholders," he added.