BP PLC (LSE:BP.) reported lower profit and cash flow from a year ago and said its plan for the next decade is to grow its core oil and gas business “with a focus on value over volume” while being more selective about its clean-energy projects.
The FTSE 100-listed oil group reported $2.3 billion of underlying replacement cost profit for the third quarter of 2024, down 31% compared to a year earlier and down 18% versus the second quarter of this year.
Cash flows of $6.8 billion were down from $8 billion-plus in the prior quarter and a year ago, with net debt rising to $24.3 billion from $22.6 billion three months earlier.
A dividend of $0.08 per share and a $1.75 billion share buyback were announced for the quarter, as part of a previous commitment of $3.5 billion for the second half of the year.
“We have made significant progress since we laid out our six priorities earlier this year to make BP simpler, more focused and higher value,” said chief executive Murray Auchincloss.
“In oil and gas, we see the potential to grow through the decade with a focus on value over volume.”
He said BP has “a deep belief in the opportunity afforded by the energy transition”, and the company will “continue high-grading our investments to ensure they compete with the rest of our business”.
In the statement, the company also flagged that alongside final results in February, "we intend to review elements of our financial guidance, including our expectations for 2025 share buybacks", which analysts are expecting will be a cut.