On July 29, 2024, the logo of British oil and gasoline company BP (British Petroleum) was photographed in Warsaw, Poland.
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British oil giant blood pressure Third-quarter profit reported on Tuesday was stronger than expected.
The energy company reported underlying replacement cost profit, used as a proxy for net income, of $2.3 billion in the July-September period. That beat analysts’ expectations of $2.1 billion, according to consensus compiled by LSEG.
BP reported net profit of $2.8 billion The second quarter of this year and US$3.3 billion Season 3, 2023.
London-listed BP shares have fallen more than 14% so far this year, underperforming European rivals as investors Continue to ask questions The company’s investment case.
BP released its third-quarter results shortly after the report The company abandoned its pledge to reduce oil and gas production by 2030, defeating the core purpose of its ambition to achieve net-zero emissions by mid-century or earlier.
This move According to Reuters On October 7, citing three unnamed sources, it will be considered further evidence Chief Executive Murray Auchincloss plans to prioritize near-term returns from the company’s more profitable fossil fuel businesses.
BP is also said to be planning several new investments in the Middle East and the Gulf of Mexico to boost oil and gas production, the news agency reported.
“As Murray said in his fourth-quarter results at the beginning of the year, the direction is the same, but we will become a simpler, more focused and higher-value company,” a BP spokesperson told CNBC.
British shell and french total energy Quarterly results are scheduled to be announced on Thursday, with major U.S. companies Exxon Mobil and Chevron Scheduled to follow up on Friday.
Last week, Norwegian oil and gas producers Statoil report Adjusted operating income fell 13% between July and September, missing analysts’ expectations.
