Soleno Therapeutics tumbles despite Q3 earnings, revenue beat
Investing.com -- BP reported third-quarter underlying replacement cost (RC) net income (NI) of $2.21 billion, slightly ahead of analyst expectations of $2.02 billion but down marginally from $2.27 billion a year earlier.
The oil major maintained its quarterly share buyback at $750 million and said it expects asset disposals to total about $5 billion this year.
BP posted an underlying RC EBIT of $5.33 billion for the quarter, also above the company-compiled consensus of $4.9 billion.
Still, BP shares slipped 1% in London trading.
Commenting on the report, Jefferies analyst Mark Wilson said it was a "broad-based beat at NI & EBIT with good performance across all three main segments."
Net profit came in at $2.3 billion, compared with $2.35 billion in the prior quarter. Operating cash flow reached $7.8 billion, while adjusted EBITDA rose to $9.98 billion from $9.65 billion a year earlier.
“We’ve delivered another quarter of good performance across the business with operations continuing to run well,” BP CEO Murray Auchincloss said.
“We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency,” he added.
The company’s net debt stood at $26.05 billion at the end of the quarter, little changed from the previous three months but up from $24.27 billion a year ago. The results come around eight months after BP began a major strategic reset aimed at simplifying its operations and improving returns.