BP has reported an underlying replacement cost (RC) profit of $3.29bn in the third quarter of 2023, 59.5% drop from $8.15bn in the year ago period.

The UK-based oil and gas company’s total revenues and other income during the three months that ended 30 September 2023 fell by 6.5% to $54.01bn from $57.80bn last year.

Operating cash flow during the period under review was $8.74bn, a 5.5% increase year-on-year (YoY).

In the third quarter of 2023, capital expenditure increased 12.8% to $3.60bn from $3.19bn.

Net debt during the latest quarter reduced by $1.3bn to $22.32bn.

bp’s reported production during the June-September quarter of 2023 was 946 mboe/d, 3.6% lower YoY.

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Announcing the fourth quarter outlook, bp said it expects the reported upstream production in the fourth-quarter of 2023 to be largely flat compared with third-quarter of 2023.

bp anticipates that the ongoing increase in demand and the production constraints imposed by OPEC+ will sustain oil prices.

The weather, the rebound in European and Chinese demand, and the continued tension in geopolitics will determine the price of gas in Europe and liquified natural gas in Asia.

Although weather is a risk issue in the US, larger than average storage levels and higher output could assist to reduce volatility, the energy company said.

bp has declared a dividend of 7.27 cents per common share for the third quarter of 2023.

bp interim CEO Murray Auchincloss said: “This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery. Momentum continues to build across our businesses, with recent start-ups including Tangguh Expansion, bp energy’s ‘Bingo’ central processing facility and Archaea Energy’s first modular biogas plant in Indiana.

“As we laid out at our investor update in Denver, we remain committed to executing our strategy, expect to grow earnings through this decade, and on track to deliver strong returns for our shareholders.”