BP shares slump as Q3 profit misses forecast on weak gas

bp-shares-slump-as-q3-profit-misses-forecast-on-weak-gas
BP shares slump as Q3 profit misses forecast on weak gas

BP reported third-quarter earnings of $3.3 billion, which fell short of analysts’ expectations. Strong oil trading and refining margins were offset by weak gas results, and the company also wrote down a significant portion of a U.S. offshore wind project. Despite these challenges, BP maintained its dividend and share buyback policy unchanged. The company’s shares dropped 5.4% following the earnings report. BP wrote down $540 million on its wind power projects offshore New York after officials rejected a request for better terms. Equinor, BP’s partner in the projects, also booked a $300 million impairment. BP remains committed to its strategy, according to Interim CEO Murray Auchincloss. The company’s third-quarter profit of $3.3 billion missed forecasts and was lower than the previous quarter, but higher than the same period last year. Weakness in gas trading earnings was attributed to a lack of volatility in the market. BP expects lower industry refining margins in the fourth quarter and plans to spend $16 billion on capital expenditure this year.

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