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BP third quarter profits drop sharply

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BP’s third-quarter profit has fallen sharply after the oil giant was hit by weaker oil prices, lower production and one-off charges.

Third-quarter underlying replacement cost profit, the company’s definition of net income, was $2.3bn (£1.79bn), down from $3.83bn a year earlier and $2.81bn in the second quarter of 2019.

However the figure exceeded analyst forecasts of $1.73bn in a company-provided survey.

The firm had indicated earlier this month that it would take a non-cash charge of $2bn to $3bn in the quarter as it gets closer to divestments worth $10bn by the end of 2019, a year ahead of schedule.




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