(Reuters) – Oil group BP reported a third-quarter profit of $3.3 billion on Tuesday, well below forecasts, on weak gas results and the write-down of a large part of a park project U.S. wind power has eclipsed strong margins in oil refining and trading.

The British group also confirmed its dividend and extended its share buyback program by $1.5 billion over the next three months, leaving its distribution policy unchanged.

BP wrote down $540 million during the quarter on its wind power projects off New York, after authorities rejected a request for better terms to reflect what the group called “inflationary pressures and delays in obtaining permits.

The Norwegian group Equinor, BP’s partner in these projects, recorded a depreciation of $300 million on Friday.

BP shares fell 4% in early trading in London.

RBC analyst Biraj Borkhataria points out that earnings disappointed across all divisions.

BP’s third-quarter underlying replacement cost profit, which is the company’s net profit, at $3.3 billion, fell short of the group-provided consensus forecast of $4 billion, mainly due to a significant drop in profits at the group’s gas division.

This result is up from $2.6 billion in the previous three months, but is less than half of the $8.15 billion recorded in the third quarter of 2022, when profits for major oil groups hit records. due to soaring oil and gas prices.

The major expects the sector’s refining margins in the fourth quarter to be “significantly lower” than in the third quarter.

Rivals Chevron and Exxon Mobil both reported sharp declines in year-over-year quarterly profits last week due to falling energy prices.

Shell will release its results on Thursday.

(Reporting Ron Bousso and Shadia Nasralla; Diana Mandiá, edited by Blandine Hénault)

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