Premarket London: BP Swings to 3Q Loss on Impairment Charges

Investing.com — Here’s a rundown of the highlights from regulatory news releases at the London Stock Exchange on Tuesday, 29th October.

• BP PLC (LON:) swung to a net loss of $749 million as a result of a $2.6 billion impairment charge in respect of assets it sold during the quarter. The charge was in line with prior guidance of between $2 and $3 billion.

• Underlying replacement cost profit, BP’s preferred measure of the health of its business, fell to $2.3 billion from $3.8 billion a year earlier due to lower oil prices, hurricane impacts and maintenance costs.

• The company said it’s still on track to sell $10 billion of non-core assets this year. It said it would suspend scrip dividend payments, while buybacks would return the share count to its 2017 level by the end of the year. The quarterly dividend was 10.25c. Net debt remained unchanged.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.