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[size=36]BP's profit fell 40% in the third quarter due to falling oil prices and a hurricane[/size]
Economy | 02:23 - 29/10/2019
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Oil company BP's profit fell sharply in the third quarter as it was hit by falling oil prices, but strong refining revenues helped the company beat expectations despite setting aside $ 2.6 billion in extraordinary sales for a large asset.
The British company suffered a net loss for the first time in more than three years because of these exceptional amounts, but the underlying performance remained strong.
Operating cash flows remained unchanged at $ 6.1 billion, despite a 17 percent drop in oil prices.
"BP reported strong cash flow from operations and strong core profits during a quarter that saw oil and gas prices fall and the impact of a strong hurricane," Chief Executive Bob Dudley said in a statement.
The company posted a net loss of $ 700 million for the first time since the second quarter of 2016.
BP's exit from investments so far this year has reached $ 1.4 billion.
The company's third-quarter net income fell 40 percent year-on-year to $ 2.3 billion. This exceeds expectations for the company to achieve $ 1.73 billion in a survey of analysts announced by the company and compared with $ 2.81 billion in the second quarter of 2019.
Oil and gas production, after excluding BP's 19.75 percent stake in Russia's Rosneft, fell 2.5 percent year on year to 2.568 million barrels of oil equivalent per day as a result of the maintenance of several fields that generate high profit margins and disrupted production two weeks in the Gulf of Mexico in the United States by Hurricane Barry.
The company said its production in the fourth quarter would be higher compared to the third quarter with the completion of maintenance work
The British company suffered a net loss for the first time in more than three years because of these exceptional amounts, but the underlying performance remained strong.
Operating cash flows remained unchanged at $ 6.1 billion, despite a 17 percent drop in oil prices.
"BP reported strong cash flow from operations and strong core profits during a quarter that saw oil and gas prices fall and the impact of a strong hurricane," Chief Executive Bob Dudley said in a statement.
The company posted a net loss of $ 700 million for the first time since the second quarter of 2016.
BP's exit from investments so far this year has reached $ 1.4 billion.
The company's third-quarter net income fell 40 percent year-on-year to $ 2.3 billion. This exceeds expectations for the company to achieve $ 1.73 billion in a survey of analysts announced by the company and compared with $ 2.81 billion in the second quarter of 2019.
Oil and gas production, after excluding BP's 19.75 percent stake in Russia's Rosneft, fell 2.5 percent year on year to 2.568 million barrels of oil equivalent per day as a result of the maintenance of several fields that generate high profit margins and disrupted production two weeks in the Gulf of Mexico in the United States by Hurricane Barry.
The company said its production in the fourth quarter would be higher compared to the third quarter with the completion of maintenance work
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