Tuesday saw BP (BP.L) release third-quarter earnings of $3.3 billion, which fell short of analysts’ projections due to disappointing gas performance and the write-down of a significant portion of a U.S. wind farm project, along with suitable oil trading and refining margins.

The British corporation kept its payout policy unaltered and continued its $1.5 billion share repurchase program over the following three months, all while maintaining its dividend of 7.27 cents per share.

Authorities rejected BP’s request for fairer terms to reflect what it described as “inflationary pressures and permitting delays,” which forced BP to write down $540 million on its wind-generating projects offshore New York in the quarter.

BP’s project partner, Norway’s Equinor (EQNR.OL), reported a $300 million impairment on Friday.

In 2020, BP paid Equinor $1.1 billion for a 50% share in the offshore wind farm development project called Empire and Beacon. The projects have a combined 3.3 gigawatt capacity, enough to power two million households.

Early trade saw a 4% decline in BP’s stock. “BP released unimpressive results this morning…Notably, though, BP has recently—including this quarter—reported remarkable gas trading results on many occasions, according to RBC analyst Biraj Borkhataria.

“Misseen earnings in every division. Despite extreme oil trade performance, customers and products downstream reported $2.1 billion versus the consensus of $2.4 billion, indicating poorer refining profit capture in the third quarter.

Based primarily on significantly lower earnings from its gas and standard carbon divisions, BP’s $3.3 billion third-quarter underlying replacement cost profit—the company’s definition of net income—missed estimates by $4 billion.

Increased oil and gas output, excellent refining margins, fewer refinery maintenance, and “a very strong oil trading result” drove the increase from the $2.6 billion profit the business posted in the previous three months. However, natural gas marketing and trading performed poorly.

Nevertheless, the outcome was less than half of the $8.15 billion earned during the energy giants’ record-breaking third quarter of 2022 due to rising oil and gas prices.

Murray Auchincloss, interim CEO, stated, “We remain committed to executing our strategy, expect to grow earnings through this decade, and are on track to deliver strong returns for our shareholders.”

Since Bernard Looney resigned as CEO on September 12 due to his failure to completely disclose details of his prior personal interactions with coworkers, these results are the first to be released. There isn’t a permanent replacement listed.

According to the business, fourth-quarter industry refining margins will be “significantly lower” than third-quarter.

BP has stated that it expects capital expenditures of $16 billion to $18 billion this year, which is the lower end of its range.

As oil prices dropped, rivals Chevron (CVX.N) and Exxon Mobil (XOM.N) said last week that their third-quarter profits had dropped significantly yearly. On Thursday, Shell (SHEL.L) reported the results.