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BP profits slump on weaker oil prices, but beat forecasts

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 -
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Arnd Wiegmann(Reuters)
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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)

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