Adjusted net income rose to 8.15 billion US dollars (8.22 billion euros) in the months of July to September, as the group announced on Tuesday in London. That was significantly more than what analysts had expected on average. A year earlier, the group reported adjusted earnings of $3.3 billion. As in the previous quarter, BP intends to pay a dividend of just over 6 US cents per share. The company also plans to buy back $2.5 billion of its own stock. This adds up to a total of $8.5 billion in share buybacks for the current year.
BP’s strong result is in line with the numbers of competitors such as ExxonMobil, TotalEnergies and Chevron. They all made good money from the high gas and oil prices, which rose sharply as a result of the Russian invasion of Ukraine.
The strong development brings investors a stroke of luck, but also the displeasure of politicians who are struggling with the economic damage caused by rising inflation and higher interest rates. London-based BP has already been hit by additional taxes in its home country and could face further levies as US President Joe Biden and some other European governments try to mitigate the impact of high energy prices.
BP shares are temporarily up 0.15 percent in London at GBP 4.81.
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