BP reported 3 billion USD profit in Q3 2014

Noam Stiekema

The oil giant British Petroleum (BP) increases the amount of the dividend in the third quarter. This occurs after growth in operating cash flow and despite lower oil prices and the sharp decline in imports from Russia, where the depreciating ruble melts financial results of the company. The operating profit for the period July to […]

BP oil

BP oilThe oil giant British Petroleum (BP) increases the amount of the dividend in the third quarter. This occurs after growth in operating cash flow and despite lower oil prices and the sharp decline in imports from Russia, where the depreciating ruble melts financial results of the company. The operating profit for the period July to September fell by 21.5% yoy to 3 billion USD. The figure is beyond the expectations of the analysts for a profit of 2.948 billion USD. Quarterly dividend increased by 5.3% yoy to 10 cents per common share. Moreover, BP intends to reduce capital expenditures related to the core business, to nearly 23 billion USD from the previous estimate of costs of 24-25 billion USD.

“The increasing production of oil and natural gas, as well as good performance in processing and sales generated substantial cash flow in the third quarter despite lower oil prices. We can achieve our goals for 2014”, says CEO Bob Dudley of BP.

British oil company is a major investor in Russia works, which has in Rosneft. During the quarter, however, the results of BP melt the sharp depreciation of the ruble against the USD. Therefore, the net profit of Rosneft in the period amounted to only 110 million USD against 808 million USD an year ago. The total operating cash flow in the third quarter is equal to 9.4 billion USD against 6.3 billion USD recorded an year ago. The operating profit from the processing and sales of petroleum products almost doubled to 1.5 billion USD. In the third quarter operating profit from the extraction and production of oil and gas decreased to 3.9 billion USD from 4.4 billion USD due to lower volumes and prices.

The shares of BP rose with 0.36% to 4.32 GBP. For an year, the company’s shares are down 4.4%.

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