BP (British Petroleum) has released its third-quarter 2024 financial results, highlighting stable performance across its upstream and downstream operations, alongside strategic investments aimed at enhancing growth and sustainability.
In Q3 2024, BP reported resilient upstream production levels at 2.4 million barrels of oil equivalent per day (mmboe/d), with a notable 95.6% refining availability. The oil giant achieved an underlying replacement cost (RC) profit of $2.3 billion, down from $2.8 billion in Q2 2024, influenced by softer refining margins, lower liquids realizations, and weaker oil trading results, partially offset by improved gas realizations. Despite the challenges, BP maintained a 42% effective tax rate and saw a reported profit of $206 million, compared to a slight loss of $129 million in the prior quarter.
BP also reiterated its commitment to cost-efficiency, targeting $2 billion in sustainable cash cost savings, and announced a dividend of 8 cents per share. The company plans to conduct a share buyback program totaling $1.75 billion in Q3, in line with its $3.5 billion distribution target for the second half of 2024.
Key developments included agreements to collaborate with the State Oil Company of Azerbaijan (SOCAR) on two offshore exploration and development blocks and a redevelopment program for the Kirkuk region. BP also completed its acquisition of BP Bunge Bioenergia and Lightsource BP, aligning with its transition strategy.
Murray Auchincloss, BP’s CEO, emphasized the company’s evolving focus on high-value assets and sustainable growth. “In oil and gas, we see the potential to grow with a focus on value over volume. The actions we are taking will grow the value of BP,” Auchincloss stated.
Looking ahead, BP remains committed to a balanced approach between dividends and investments in growth, particularly in green energy initiatives, as it prepares to share updated financial guidance in early 2025.
