BP (BP.L) the stock fell Tuesday morning in London even as the oil major announced it would move to buy back $ 1.25 billion (£ 920 million) of shares.

The company has already completed a $ 1.4 billion share buyback this year, reported in its second quarter results.

He announced a sharp increase in profits over the previous year, emulating his peers who have all benefited from rising oil and gas prices in recent months.

BP’s adjusted third-quarter net income reached $ 3.3 billion from $ 86 million a year earlier. This exceeds the average analyst estimate of $ 3 billion. Cash flow, meanwhile, went from $ 5.2 billion to $ 6 billion.

Losses reached $ 2.5 billion for the quarter due to significant unfavorable accounting effects of the pre-tax fair value of $ 6.1 billion, primarily due to the exceptional increase in forward gas prices towards the end of the quarter, he said.

Read more: What are share buybacks?

“This was another good quarter for bp – our business is generating underlying earnings and strong cash flow while maintaining our focus on safe and reliable operations,” said CEO Bernard Looney.

“The rise in commodity prices has certainly helped, but I’m very happy that quarter after quarter we are doing what we said we would do: provide significant liquidity to strengthen our finances, increase distributions to shareholders and invest. in our strategic transformation. “

Shares had fallen 2.1% by 9:05 am Tuesday.

“Judging by how BP’s stock price has developed so far this year, investors seem unconvinced that the company will be able to meet CEO Bernard Looney’s plans for a 40% reduction in production of oil and gas by 2030, “said Michael Hewson, director of market analyst at CMC Markets UK.

“The wind has been blowing towards a transition to renewables for several years now and yet BP has continued to pay huge dividends without investing large sums in the inevitable shift away from fossil fuels as climate change takes hold. the political agenda. “

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