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Oil major BP unveiled a £1.25 billion buyback programme after reporting a jump in profit in the third quarter as higher oil and gas prices bolstered performance.
For the three months ended 30 September, underlying replacement cost profit rose $3.3 billion from £86 million a year earlier as Further $1.25 billion buyback planned - delivering on commitment to distributions
'This result was driven by higher oil and gas realizations, higher refining availability and throughput enabling the capture of a stronger environment and a stronger gas marketing and trading result, partly offset by a higher underlying tax charge,' the company said.
BP said it intended to execute a further buyback of $1.25 billion prior to announcing its fourth quarter 2021 results.
'BP continues to expect to be able to deliver buybacks of around $1.0 billion per quarter and have capacity for an annual increase in the dividend per ordinary share of around 4% through 2025,' the company said.
Looking ahead, fourth-quarter reported upstream production was expected to be higher than the third quarter, but production for full-year 2021 was expected to be lower due to the impact of the ongoing divestment programme, the company said.
'We now expect divestment and other proceeds for the year of $6-7 billion,' it added.