This content is not available in your region

BP profits slump on weaker oil prices, but beat forecasts

Access to the comments Comments
BP profits slump on weaker oil prices, but beat forecasts
FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo   -   Copyright  Arnd Wiegmann(Reuters)
Text size Aa Aa

LONDON (Reuters) – BP’s <BP.L> third-quarter profit dropped sharply, but still beat expectations, hurt by weaker oil prices, lower production and one-off charges linked to large divestments.

London-based BP reported on Tuesday third-quarter underlying replacement cost profit, the company’s definition of net income, of $2.3 billion, exceeding forecasts of $1.73 billion in a company-provided survey of analysts.

That compared with $3.83 billion a year earlier and $2.81 billion in the second quarter of 2019.

The sharp drop will not come as a surprise to investors after BP indicated earlier this month that it would take a non-cash charge of $2 to $3 billion in the quarter as it gets closer to divestments worth $10 billion by the end of 2019, a year ahead of schedule.

(Reporting by Ron Bousso, editing by Louise Heavens)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.