(CercleFinance.com) – bp announced on Tuesday the launch of a new share buyback program after having more than doubled its profit in the third quarter, thanks to the rise in oil prices.
The British oil company’s current net profit climbed to $8.15 billion in the July-September period, from $3.32 billion in the same period of 2021.
It comes in well above the analyst consensus, compiled by the company itself, which came in at $6.1 billion.
Third-quarter profit growth was largely supported by the performance of its gas business, with the group reporting “exceptional” results in gas distribution and trading.
The strength of energy prices also helped, with the price of a barrel of Brent which jumped to 100.8 dollars on average over the period, against 73.5 dollars a year earlier.
At the same time, its indebtedness fell for the tenth consecutive quarter, its net debt currently amounting to 22 billion dollars against 32 billion one previously.
The excess cash flow has reached 3.5 billion dollars, a performance that will allow it to implement a new share buyback program of 2.5 billion dollars in the coming months.
Despite these better than expected figures, the action lost 0.3% on the London Stock Exchange in early trading, while the FTSE 100 index climbed 1.4%. The title still shows 45% gains since the beginning of the year.
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