Oil giant BP beats expectations, profits rise to £1.4bn

Also announces share-buyback scheme, plans to become an electricity supplier

Beating analysts’ projections, the British oil giant posted third-quarter underlying replacement cost profit of £1.42bn bn after securing a 14 per cent jump in oil and gas production.

BP, which has been reshaping its business, also announced a share-buyback scheme for the fourth quarter.

“Given the momentum we see across our businesses and our confidence in the outlook for the group’s finances, we will be recommencing a share buyback programme this quarter,” Chief Financial Officer Brian Gilvary confirmed.

In a related development, the oil major has unveiled plans to become an electricity supplier for businesses and is exploring plans to sell electricity to UK commercial and industrial firms.

A spokesman told media last evening: ‘BP has been asked by a number of commercial and industrial parties to look into the feasibility of supplying electricity, which we are now doing.’

Earlier this year, BP took a minority stake in Pure Planet, an energy supplier founded by the team behind Virgin Mobile, and also bought electricity and gas on its behalf.

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