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11/2/2021, 8:06 AM (Source: TeleTrader)
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Chart for: BP PLC $0.25

BP beats estimates with Q3 net profit of $3.3 billion

BP plc reported on Tuesday its third-quarter earnings results, revealing better-than-expected underlying replacement cost profit (net profit) of $3.32 billion. The oil giant's operating cash flow reached $6 billion, with the company receiving $5.4 billion of divestment and other proceeds in the first nine months of 2021.

The profit was "driven by higher oil and gas realizations, higher refining availability and throughput enabling the capture of a stronger environment and a stronger gas marketing and trading result." On the other hand, BP's revenue landed below estimates at $37.87 billion.

Commenting on the results, CEO Bernard Looney noted that "this has been another good quarter for BP - our businesses are generating strong underlying earnings and cash flow while maintaining their focus on safe and reliable operations. Rising commodity prices certainly helped, but I am most pleased that quarter by quarter, we’re doing what we said we would - delivering significant cash to strengthen our finances, grow distributions to shareholders and invest in our strategic transformation."

Baha Breaking News (BBN) / ND