BP (NYSE: BP) announced its Q3 results today with revenues of $55 billion, up 52% year-over-year but still missing consensus estimates by $5.8 billion.
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The British oil and gas major reported underlying replacement cost profit of $8.2 billion versus $8.5 billion in the second quarter. Adjusted earnings came in at $2.59 per share in Q3 versus $0.99 in the same period last year and beating Street estimates of $1.95.
The replacement cost profit was “impacted by weaker refining margins, an average oil trading result and lower liquids realizations.”
The company also pared down its debt in the third quarter to $22 billion and announced another stock buyback worth $2.5 billion.