BP’s $3.3 billion profit misses forecast on weak gas, dividend unchanged

BP on Tuesday reported third-quarter earnings of $3.3 billion, missing analysts’ forecasts as strong oil trading and refining margins were offset by weak gas results and the write down of a large chunk of a U.S. windfarm project.

The British company maintained its dividend at 7.27 cents per share and extended its $1.5 billion share buyback programme over the next three months, leaving its payout policy unchanged.

BP wrote down $540 million in the quarter on its wind power projects offshore New York after officials rejected a request for better terms to reflect what BP referred to as “inflationary pressures and permitting delays”.