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Last Update: 25-Oct-11 09:47 ET
BP Tops Third Quarter Expectations
BP (BP $43.06 +1.22) reported third quarter earnings of $0.27 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.26.
On an underlying basis, excluding non-operating items and fair value accounting effects, company's replacement cost profit for the third quarter of 2011 was $5.3 bln, down 4% on the same period in 2010, with the improved environment offset by lower production and higher turnaround and maintenance activity and costs.
The company will also continue to actively manage its portfolio to create both focus and value. It plans to extend its current divestment program to $45 bln, divesting a further $15 bln in assets by the end of 2013 in addition to the current programme of $30 bln. Previously announced plans to sell two US refineries and associated marketing activities are included in the extended program.
On an underlying basis, excluding non-operating items and fair value accounting effects, company's replacement cost profit for the third quarter of 2011 was $5.3 bln, down 4% on the same period in 2010, with the improved environment offset by lower production and higher turnaround and maintenance activity and costs.
The company will also continue to actively manage its portfolio to create both focus and value. It plans to extend its current divestment program to $45 bln, divesting a further $15 bln in assets by the end of 2013 in addition to the current programme of $30 bln. Previously announced plans to sell two US refineries and associated marketing activities are included in the extended program.
