BP’s Q3 Profits Plummet as Company Extends Share Buybacks

In the wake of a substantial decline in energy prices compared to the previous year, BP (NYSE:BP) reported a third-quarter earnings figure of $3.3 billion on Tuesday, missing analyst projections. Concurrently, the energy giant announced the extension of its $1.5 billion share repurchase program.

BP’s third-quarter underlying replacement cost profit, which is the company’s preferred measure of net income, fell short of expectations outlined in a company-conducted survey of analysts. Forecasts had anticipated a figure of $4 billion, but the actual result represented a stark contrast to the $2.6 billion profit recorded in the second quarter and the impressive $8.15 billion profit generated during the same period in the previous year.