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BP reports third quarter 2015 results, sets out forward plans
And for the whole year, BP is now expecting to spend around $19bn, compared with earlier estimates of $24-25bn.
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BP, the United Kingdom oil giant, is slashing costs as it prepares for a long-term low oil price environment.
In October 2013, BP had unveiled plans to sell another $10 billion of assets, having already offloaded $38 billion.
This spending will fall to United States dollars 17-19 billion a year through to 2017, according to the oil major.
Adjusted EPS for BP came in at $0.59, beating the consensus estimate of $0.38. Divestment proceeds are expected to provide flexibility to help manage both continuing oil price volatility and BP’s commitments in the US.
The company said it aimed to balance its organic cashflow with spending and dividend payouts by 2017 based on an oil price of $60 a barrel.
BP fell 1 percent to 384.4 pence in London trading on Monday, valuing the company at about $108 billion.
For the nine months, RC loss was $2,929 million, compared with a profit of $9,042 million a year ago. Future years will see a further $3-5bn raised next year, with $2-3bn per annum thereafter.
The decline in BP’s group’s bottom line was driven by the low oil price which dragged down the profits at its “upstream” exploration and production division to $800m from $3.9 billion a year ago. BP is among worldwide oil producers to forecast a prolonged price slump as global supply swamps demand. The cumulative pretax income statement charge since the disaster amounts to just over $55 billion. Compared with a year earlier, the result benefitted from improved refining margins, strong refining operations and fuels marketing and, again, cost benefits from simplification and efficiency programmes.
Profit from the company’s stake in Russia’s Rosneft increased from $110 million in the third quarter of 2014 to $221 million to $382 million. As previously announced BP received an annual dividend from Rosneft of $271 million during the quarter.
During the quarter BP was awarded five new blocks in the UK North Sea.
Capital expenditure and operating costs are being reduced aggressively.
Earlier this month, the company said it had agreed to pay $20bn to settle claims in the US. Transactions to date have reached around $7.8 billion.
A U.S. count is set to rule on approving the final settlement in March of next year.
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BP is ready to enter a new era of growth after resolving most of the 2010 Gulf of Mexico spill costs even as it adapts to deal with a long period of low oil prices, Chief Executive Officer Bob Dudley said on Tuesday.