Alexa
  • Directory of Taiwan

BP Q3 profit down by a third

BP Q3 profit down by a third

BP PLC, Europe's second-largest oil company, said Tuesday that third-quarter profit fell to $5.3 billion from $8.0 billion a year earlier, when oil and gas prices were at record levels.
Replacement cost profit, a key oil industry measure, was down by half from $10.03 billion a year ago to $4.98 billion in the recent quarter, though well up from the second-quarter figure of $3.14 billion. The figures exclude inventory gains and losses and tax charges and credits.
The net of $5.3 billion compared to $4.4 billion in the second quarter.
The company declared an unchanged dividend of 14 cents per share.
Earnings reflected a big drop in oil prices from $115 a barrel last year to about $68 a barrel, and an even deeper decline in gas prices.
Production of 3.9 million barrels per day in the third quarter was up 7 percent from the previous year, helped by fewer disruptions from hurricanes compared to last year. Factoring out storms, production was still 4 percent higher than a year ago, BP said.
Production for the first nine months was 3.98 million barrels per day, up 4 percent compared to 2008.
Replacement cost profit for the first nine months was $10.5 billion, compared to $23 billion in 2008. Net profit was down from $24.5 billion to $12.3 billion.
Costs for the first nine months were down more than 15 percent from last year, BP said. ___
http://www.bp.com/


Updated : 2021-07-25 16:32 GMT+08:00