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24/10/2006
BP announces third quarter profits boost
BP has announced a 58 per cent profit rise in its third quarter due to asset sales.
The world's second-largest oil company earned $6.9bn (£3.7bn) - a rise from $4.41bn last year.
BP also scrapped its 2006 oil and gas production target, saying it would produce only 3.95 million barrels of oil equivalent (boepd) per day this year compared to an original target of 4.1-4.2 million boepd.
BP Group Chief Executive, Lord Browne, said: "The trading environment reflected higher oil realizations and retail margins but lower refining margins and gas realizations compared to a year ago. The third quarter result benefited from significant disposal gains and IFRS accounting effects. Results are being impacted by higher tax charges. The share buyback programme is continuing, with $3.5 billion of share repurchases during the quarter."
During the third quarter, the company repurchased 299 million of its own shares, at a cost of $3.5 billion. Of these, 48 million shares were purchased for cancellation and the remainder are held in treasury. Additionally, shares to the value of $1.25 billion were issued to Alfa Group and Access Renova (AAR) being the last instalment of the deferred consideration for our investment in TNK-BP.
(CD)
The world's second-largest oil company earned $6.9bn (£3.7bn) - a rise from $4.41bn last year.
BP also scrapped its 2006 oil and gas production target, saying it would produce only 3.95 million barrels of oil equivalent (boepd) per day this year compared to an original target of 4.1-4.2 million boepd.
BP Group Chief Executive, Lord Browne, said: "The trading environment reflected higher oil realizations and retail margins but lower refining margins and gas realizations compared to a year ago. The third quarter result benefited from significant disposal gains and IFRS accounting effects. Results are being impacted by higher tax charges. The share buyback programme is continuing, with $3.5 billion of share repurchases during the quarter."
During the third quarter, the company repurchased 299 million of its own shares, at a cost of $3.5 billion. Of these, 48 million shares were purchased for cancellation and the remainder are held in treasury. Additionally, shares to the value of $1.25 billion were issued to Alfa Group and Access Renova (AAR) being the last instalment of the deferred consideration for our investment in TNK-BP.
(CD)
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