Plans to run a $2.5 billion share buyback program
The British oil company BP recorded net losses of 13,290 million dollars (13,387 million euros) during the first nine months of the year, which contrasts markedly with the profit of 5,239 million (5,277 million euros) registered during the same period of the previous year, according to the results report published by the company on Tuesday.
At the accounting level, the company has recognized a negative impact before taxes of 39,400 million dollars (39,677 million euros) during the accumulated period of the year. This impact has to do largely with the company’s exit from the Russian market as a result of the war, which had a negative impact of 24,000 million dollars (24,175 million euros).
However, BP’s underlying result adjusted for replacement costs reached 22,846 million dollars (23,011 million euros) during the reference period, nearly three times more than a year earlier.
Total sales of the oil company during the January-September period reached 178,535 million dollars (179,861 million euros), 59% more than the same period of the previous year. On the net debt side, the company has reported a reduction of 31% compared to last year, to 22,002 million dollars (22,159 million euros).
The oil company has also reported a downward revision in production forecasts for exploration and production activities in the fourth quarter, as well as lower marketing margins and seasonally lower volumes and higher oil prices.
Likewise, the company indicates a “high level of uncertainty” due to the war in Ukraine and inflationary pressures. In refining, BP expects margins to remain high, the benefits of which will be partially offset by high energy prices, among other factors.
The company has indicated that during the third quarter it generated a cash flow surplus of 3,500 million dollars (3,522 million euros), for which it plans to execute a share buyback program of 2,500 million dollars (2,516 million euros). euros) before announcing the results for the fourth quarter of the year.
