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BP announced its lowest quarterly profit since the Covid-19 pandemic as lower oil prices and weak refining margins weighed on performance.
The FTSE 100 energy major made underlying profits of $2.27bn in the third quarter, beating average analyst estimates of $2.05bn. But that was down from $2.8bn in the second quarter and was the lowest quarterly profit since 2020.
Despite the drop in earnings, BP said it would buy back another $1.75bn of shares, maintaining its pledge to buy back $7bn of stock in 2024.
The company has committed to return at least 80 per cent of surplus cash flow to shareholders through buybacks in 2024 and 2025.
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https://www.ft.com/content/8fb34722-8b6d-43a4-aa09-20b743b6c70a
