BP shares slump as Q3 profit misses forecast on weak gas

BP reported third-quarter earnings of $3.3 billion, missing analysts' forecasts due to weak gas trading results while the firm wrote down a large chunk of a U.S. offshore wind project.

BP shares were 4.3% lower by 1325 GMT after the results fell well short of expectations for a $4 billion net income, the company's second straight substantial quarterly miss.

Interim CEO Murray Auchincloss said that strong oil trading earnings and refining margins in the third quarter were offset by weak natural gas trading where there had been a "lack of volatility" due to high inventory levels in Europe and the United States ahead of winter.

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".