Global  

BP profits slump on weaker oil prices

Video Credit: Reuters Studio - Duration: 01:08s - Published
BP profits slump on weaker oil prices

BP profits slump on weaker oil prices

BP profits sank in the third quarter due to weaker oil prices, with the company also taking a big one-off charge related to asset sales.

Julian Satterthwaite reports.

BP is feeling the pain of lower oil prices.

The British giant posted a sharp drop in third quarter profit on Tuesday (October 29).

Net income sank 40% from a year ago to 2.3 billion dollars.

The firm also took a 2.6 billion dollar charge related to the sale of some assets.

Take that into account and BP actually saw its first quarterly loss since 2016.

A 17% drop in oil prices in the third quarter from a year ago has weighed on profits at many energy companies.

BP also saw production decline due to maintenance at several key fields.

Meanwhile Hurricane Barry disrupted output in the Gulf of Mexico for two weeks.

Shares in BP sank around 1% in early trade Tuesday following the news, lagging the broader market.

The task of restoring profitability will fall to a new boss.

Earlier this month BP said chief executive Bob Dudley would retire next year.

He will be replaced by company insider Bernard Looney.




You Might Like


💡 One News Page Knowledge: Other News Mentions

Gulf of Mexico Gulf of Mexico An Atlantic Ocean basin extending into southern North America

Tracking the Tropics | October 19 evening update [Video]

Tracking the Tropics | October 19 evening update

ABC Action News tracks tropical developments in the Atlantic and Gulf of Mexico.

Credit: ABC Action News    Duration: 01:33Published
Tracking the Tropics | October 19, 8 a.m. update [Video]

Tracking the Tropics | October 19, 8 a.m. update

ABC Action News tracks tropical developments in the Atlantic and Gulf of Mexico.

Credit: ABC Action News    Duration: 01:22Published
Tracking the Tropics | October 19, morning update [Video]

Tracking the Tropics | October 19, morning update

ABC Action News tracks tropical developments in the Atlantic and Gulf of Mexico.

Credit: ABC Action News    Duration: 01:27Published
Tracking the Tropics | October 18 evening update [Video]

Tracking the Tropics | October 18 evening update

ABC Action News tracks tropical developments in the Atlantic and Gulf of Mexico.

Credit: ABC Action News    Duration: 01:17Published
Tracking the Tropics | October 18 morning update [Video]

Tracking the Tropics | October 18 morning update

ABC Action News tracks tropical developments in the Atlantic and Gulf of Mexico.

Credit: ABC Action News    Duration: 01:24Published

Related news from verified sources

BP profits fall 40% on weaker oil prices, hurricane

BP's profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining...
Reuters India - Published


Tweets about this