bp: $2.5bn loss in Q3

(CercleFinance.com) - After recording a profit of 3.
1 billion dollars in Q2 2021, Britain's bp today announced a loss of 2.5 billion dollars for Q3.
bp explains this underperformance by "significant" unfavourable accounting effects of 6.1 billion dollars before tax.

For the first nine months of the year, however, bp is back in the black, with a 5.2 billion dollar profit, partly offsetting the 21.6 billion dollar loss in the first nine months of 2020.

The company also highlighted the reduction in its net debt, which fell from 40 billion dollars to 32 billion dollars in one year.

Despite these mixed results, bp confirms that it will pay a dividend of 5.46 cents per share in Q4, in line with the 4% increase previously announced. The company also confirmed its aim to increase the dividend by 4% p.a. through to 2025.

Finally, with a cash surplus of $0.9 billion in Q3, bp announced a further $1.25 billion share buyback before announcing its Q4 2021 results.

The shares are currently down almost 3% in London.


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