BP Launches Share Buyback As Q3 Profit Beats Estimates

BP (NYSE:BP) is starting a share buyback program as it doubled its third-quarter profit, in a sign that the UK oil supermajor is now more optimistic of its business and cost structure. BP reported on Tuesday an underlying replacement cost profit—its preferred measure for net income—of US$1.865 billion, up from US$933 million for the same period in 2016, as oil and gas production increased by 14 percent on the year, and downstream underlying quarterly earnings hit their highest in five years. Analysts had expected BP to report an underlying…

The post BP Launches Share Buyback As Q3 Profit Beats Estimates appeared first on bestforexmoney.info.