bp sees decrease in capital expenditure
BAKU, Azerbaijan, Nov.2
By Leman Zeynalova – Trend:
bp’s capital expenditure in the third quarter and nine months was $2.9 billion and $9.2 billion respectively, compared with $3.6 billion and $10.6 billion in the same periods of 2020, Trend reports with reference to the company.
As such, the company’s capex fell by 19.4 percent in Q3 year-on-year and by 13.2 percent in the first nine months of 2021.
At the end of the third quarter, net debt was $32.0 billion, compared to $32.7 billion at the end of the second quarter 2021 and $40.4 billion at the end of the third quarter 2020. Operating cash flow was $6.0 billion for the third quarter, and $17.5 billion for the nine months, compared with $5.2 billion and $9.9 billion for the same periods of 2020. Third quarter and nine months 2021 includes $0.1 billion and $0.8 billion respectively of cash flow relating to severance costs associated with the reinvent program.
Loss attributable to bp shareholders in the third quarter was $2,544 million with a profit of $5,239 million for the nine months compared with losses of $450 million and $21,663 million in the third quarter and nine months of 2020 respectively.
Underlying replacement cost profits have improved as result of higher oil and gas prices and refining margins and strong trading results, with adjusting items being the other significant driver of the movements in the loss/profit attributable to bp shareholders.
Follow the author on Twitter: @Lyaman_Zeyn