BP Reports Third-Quarter Financial Results

November 08, 2001 by Jeff Shepard

BP (UK) reported that its third-quarter pro-forma result, adjusted for special items, was $3,049 million compared to $3,796 million a year ago, a reduction of 20 percent. For the nine months, the result was a record $10,974 million compared to $10,113 million, and the result per share was up by three percent. In sterling terms, the increase was 10 percent. Replacement cost profit, before exceptional items, for the third quarter and nine months was $2,355 million and $8,824 million, respectively, compared to $2,947 million and $8,415 million a year ago.

Return on average capital employed, on a pro-forma basis and adjusted for special items, was 18 percent in the third quarter compared to 23 percent a year ago. The third-quarter and nine-months' results reflect a less favorable trading environment, offset by performance improvements, which remain on track to achieve the annual target. The company purchased for cancellation 49 million of its own shares during the quarter, at a cost of $400.0 million.

The quarterly dividend was $05.5 per share ($0.33 per ADS). The dividend for the nine months was $016.25 per share compared with $015.25 per share a year ago, an increase of seven percent. Cash dividends paid in the quarter and in the nine months are up 9 and 11 percent, respectively, compared to a year ago.

BP Group CEO Lord Browne commented, "Despite a weaker world economy, BP continues to deliver great profits and great growth. Our plans are robust to the poorer trading environment and we will continue our established approach to cost management and investment selection."