best barefoot shoes

Exclusive Content:

He stole millions from a mentally ill Malibu doctor. Now he’ll spend nearly 16 years in prison

A Fresno hairstylist will spend nearly 16 years...

DOJ Broadcasts Expanded In-Particular person Ballot Monitoring

The Division of Justice will likely be stepping...

British oil giant BP posts $2.3 billion in third-quarter profit

best barefoot shoes

British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.

Nurphoto | Nurphoto | Getty Images

British oil major BP on Tuesday reported its weakest quarterly earnings in nearly four years, weighed down by a slump in crude prices and lower refining margins.

The energy firm posted underlying replacement cost profit, used as a proxy for net profit, of $2.3 billion for the July-September period. That beat analyst expectations of $2.1 billion, according to an LSEG-compiled consensus.

BP reported net profit of $2.8 billion for the second quarter of the year and $3.3 billion for the third quarter of 2023.

The firm’s third-quarter results were the weakest since the fourth quarter of 2020, when industry profits cratered during the coronavirus pandemic.

“We have made significant progress since we laid out our six priorities earlier this year to make bp simpler, more focused and higher value,” Murray Auchincloss, CEO of BP, said in a statement.

“In oil and gas, we see the potential to grow through the decade with a focus on value over volume. We also have a deep belief in the opportunity afforded by the energy transition – we have established a number of leading positions and will continue high-grading our investments to ensure they compete with the rest of our business.”

Oil prices fell by more than 17% in the third quarter amid concerns about the outlook for global oil demand.

BP maintained its dividend at 8 cents per share after raising it in the second quarter and said it would keep the rate of its share buyback program unchanged at $1.75 billion over the next three months.

The company said it is committed to announcing a further $1.75 billion share buyback in the fourth quarter but warned that, as part of an update to its medium term plans in February next year, it intends “to review elements of our financial guidance, including our expectations for 2025 share buybacks.”

Net debt rose to $24.3 billion in the July-September period, up from $22.6 billion at the end of the second quarter. BP said the increase was primarily driven by lower operating cash flow, higher capital expenditures and lower divestment.

Shares of London-listed BP fell around 1.2% on Tuesday morning. The stock price is down over 14% year-to-date, underperforming its European rivals as investors continue to question the firm’s investment case.

Oil and gas production

BP’s latest results come shortly after reports emerged the company scrapped its pledge to reduce oil and gas production by 2030, rolling back a core tenet of the firm’s ambition to achieve net zero emissions by the middle of the century — or sooner.

The move, reported by Reuters on Oct. 7, citing three unnamed sources, would be viewed as further evidence of CEO Auchincloss’s plan to prioritize near-term returns from the firm’s more profitable fossil fuel operations.

BP was also said to be targeting several new investments in the Middle East and the Gulf of Mexico to boost oil and gas output, the news agency reported.

A BP spokesperson told CNBC: “As Murray said at the start of year in our fourth quarter results, the direction is the same – but we are going to deliver as a simpler, more focused, and higher value company.”

Britain’s Shell and France’s TotalEnergies are scheduled to report quarterly results on Thursday, with U.S. majors Exxon Mobil and Chevron set to follow suit on Friday.

Last week, Norwegian oil and gas producer Equinor reported a 13% drop in adjusted operating income in the July-September period, missing analyst expectations.



Source

Latest

L.A. County 18-year-old pleads guilty to national ‘swatting’ wave

A Lancaster 18-year-old pleaded guilty Wednesday to...

Swelling sends QB J.J. McCarthy into second knee surgery

Aug 10, 2024; Minneapolis, Minnesota, USA; Minnesota Vikings...

In Search Of Diverse Founders of Legal Tech Startups – Please Pass the Word

I am in search of diverse founders of...
spot_img

Don't miss

L.A. County 18-year-old pleads guilty to national ‘swatting’ wave

A Lancaster 18-year-old pleaded guilty Wednesday to...

Swelling sends QB J.J. McCarthy into second knee surgery

Aug 10, 2024; Minneapolis, Minnesota, USA; Minnesota Vikings...

In Search Of Diverse Founders of Legal Tech Startups – Please Pass the Word

I am in search of diverse founders of...

Albany moves forward with eviction protection program

ALBANY, N.Y. (NEWS10) – Albany County voted down...
payday loans online

L.A. County 18-year-old pleads guilty to national ‘swatting’ wave

A Lancaster 18-year-old pleaded guilty Wednesday to phoning in hundreds of false threats of imminent bombings, mass shootings and violence targeting locations...

Swelling sends QB J.J. McCarthy into second knee surgery

Aug 10, 2024; Minneapolis, Minnesota, USA; Minnesota Vikings quarterback J.J. McCarthy (9) celebrates wide receiver Trent Sherfield Sr. (11) touchdown against the Las...

The Volkswagen Golf GTE is a GTI with a conscience… and made for those want dip a toe into the electric world

ARE we just accepting that everything is going up in price?Electric. Gas. Cars. Car insurance. Food. Even a Terry’s Chocolate Orange costs £2...

java burn weight loss with coffee

This will close in 12 seconds