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| BP reports third quarter 2006 results  BP's third quarter replacement cost profit was $6,975 million, compared with $4,410 million a year ago, an increase of 58%. For the nine months, replacement cost profit was $18,358 million compared with $14,882 million, up 23%. The third quarter result included a net non-operating gain of $1,225 million compared with a net non-operating charge of $921 million in the third quarter of 2005. This includes significant gains on upstream asset disposals. For the nine months, the net non-operating gain was $1,214 million compared with a net non-operating charge of $1,201 million for the nine months of 2005.Compared with a year ago, the third quarter trading environment reflected higher oil realizations and higher retail margins but lower refining margins and lower gas realizations. Net cash provided by operating activities for the quarter and nine months was $5.1 billion and $23.2 billion compared with $6.4 billion and $22.5 billion a year ago. The ratio of net debt to net debt plus equity was 16%. The quarterly dividend, to be paid in December, is 9.825 cents per share ($0.5895 per ADS) compared with 8.925 cents per share a year ago. For the nine months, the dividend showed an increase of 10%. In sterling terms, the quarterly dividend is 5.241 pence per share, compared with 5.061 pence per share a year ago; for the nine months the increase was 8%. During the nine months, the company repurchased 1,024 million of its own shares at a cost of $12 billion. BP Group Chief Executive, Lord Browne, concluded: "Our strategy is unchanged. We continue to execute it with discipline and focus. Production for the year is expected to be around 3.950 mmboe/d, lower than in 2005 due principally to divestments and the impact of higher prices on entitlements under Production Sharing Contracts. Capital expenditure excluding acquisitions is expected to be around $16 billion for the year. Divestment proceeds are expected to be around $6 billion." write your comments about the article :: © 2006 Construction News :: home page |