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BP Q3 RC Loss Widens, Revenues Climb; Plans $1.25 Bln Share Buyback - Quick Facts

BP plc (BP,BP.L) Tuesday reported that third-quarter replacement cost or RC loss was $2.93 billion, compared to prior year's loss of $644 million, and preceding second-quarter profit of $2.38 billion.

Loss for the period attributable to bp shareholders was $2.54 billion, compared to last year's loss of $450 million, and second-quarter's profit of $3.12 billion.

The loss for the latest quarter reflected significant adverse fair value accounting effects of $6.1 billion pre-tax, primarily due to the exceptional increase in forward gas prices towards the end of the quarter.

Underlying RC profit was $3.32 billion, compared to $86 million a year ago. Underlying RC profit per ordinary share was 16.48 cents, compared to 0.42 cents last year. Underlying RC profit per ADS was $0.99, compared to $0.03 a year ago.

Sales and other operating revenues climbed to $36.17 billion from last year's $26.31 billion. Sequentially, revenues fell slightly from $36.47 billion.

Further, the company said it intends to execute a further buyback of $1.25 billion prior to announcing its fourth quarter 2021 results. bp expects to outline plans for the final tranche of buybacks from 2021 surplus cash flow at the time of such results.

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