Overview
- BP reported third-quarter underlying replacement cost profit of $2.21 billion, topping the $2.03 billion LSEG consensus on higher production and stronger refining margins.
- The company announced $750 million in share buybacks to be executed over the next three months and declared a quarterly dividend of 8.320 cents per share.
- BP agreed to sell minority stakes in U.S. onshore pipeline assets in the Permian and Eagle Ford basins to Sixth Street for $1.5 billion.
- Management now expects more than $4 billion of divestment proceeds in 2025, with completed or announced asset sale agreements around $5 billion this year.
- CEO Murray Auchincloss said BP is accelerating a portfolio review and cost-efficiency drive, while net debt stood at $26.05 billion, broadly flat from the prior quarter.