BP plcBP posted more than double profit during Q3 of $8.15 billion from $3.32 billion, reflecting higher realizations, higher production, and an exceptional gas marketing & trading result.
The company expanded its share buybacks by $2.5 billion.
It posted a revenue of $55.01 billion, up 53% Y/Y but missing the consensus of $64.76 billion.
The company reported production for the quarter was 981mboe/d, up 10.4% Y/Y. Underlying production was 4.7% higher, mainly due to major project start-ups in 2021, partly offset by base decline.
The average realization was $60.80/boe, up from $34.91 a year ago.
BP expects global gas prices to remain volatile in the fourth quarter due to a lack of supply into Europe after Russia slashed its pipeline deliveries to the continent.
BP said that refining margins are also expected to remain high due to sanctions on Russian crude oil and refined products.
BP expects fourth-quarter 2022 upstream production on a reported basis to be slightly lower compared with the third-quarter 2022, primarily in gas regions.
BP increased its dividend by 10% to 6.006 cents per share in the last quarter, more than its previous guidance of a 4% annual increase through 2025.
Price Action: BP shares are down 0.30% at $33.18 during the premarket session on the last check Tuesday.
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