The British oil company will launch a new program to buy back its own shares for an amount of up to 1,075 million euros.
The British oil company BP registered a net attributable profit of 5,239 million dollars (4,505 million euros) in the first nine months of 2021, compared to losses of 21,663 million dollars (18,630 million euros) recorded in the same period of the previous year, as reported by the multinational.
However, between July and September, BP accounted for losses of 2,544 million dollars (2,188 million euros), compared to to the ‘red numbers’ of 450 million dollars (387 million euros) recorded by the company in the third quarter of 2020. It is the consequence of adverse accounting adjustments to reflect high gas prices.
Specifically, the British scored a negative impact in the third quarter of 6,100 million dollars (5,246 million euros) before taxes to mainly reflect the increase in forward gas prices towards the end of the quarter.
Likewise, between January and September income of the Anglo-Saxon oil company totaled 111,957 million dollars (96,280 million euros), 43.7% more, reflecting the high prices of crude oil. Between July and September, BP’s revenue increased 44.2% year-on-year, to $ 37,867 million (€ 32,565 million).
On his side, the underlying result of BP adjusted for replacement costs yielded in the first nine months of 2021 profits of 8,750 million dollars (7,525 million euros), compared to losses of 5,805 million dollars (4,992 million euros) in the same period of 2020.
For its part, in the third quarter, BP’s underlying profit adjusted for replacement costs was 3,322 million dollars (2,856 million euros), well above earnings of 86 million dollars (74 million euros). period of the previous year.
BP has announced its intention to launch a new treasury share buyback program of up to $ 1.25 billion (€ 1,075 million) before announcing its fourth-quarter results, after completing its previous buyback plan of $ 1.4 billion. dollars (1,204 million euros).