BP's Q3 profits drop sharply, buybacks extended

LONDON, Oct 31 (Reuters) - BP (BP.L) reported on Tuesday third-quarter earnings of $3.3 billion, missing analysts forecasts, after a large drop in energy prices from a year ago, as the company extended its $1.5 billion share repurchase programme.

BPs third-quarter underlying replacement cost profit, the companys definition of net income, missed forecasts of $4 billion in a company-provided survey of analysts.

That compared with a $2.6 billion profit in the second quarter and $8.15 billion a year earlier.

(This story has been corrected to say billion, not million, in paragraph 3)