Saturday July 11, 2020

BP profit drops 40% on lower oil prices

BP reported a 40 per cent drop in third quarter earnings

27th October, 2015
Third quarter profit dropped 40% at BP

BP reported a 40 per cent drop in earnings in the third quarter after average crude oil prices dropped to the lowest since 2009.

Profit adjusted for one-time items and inventory changes totalled $1.82 billion (€1.65 billion) in the three months through September, beating the $1.26 billion average estimate of 15 analysts surveyed.

The sliding earnings underscore chief executive Bob Dudley’s efforts to reduce spending to maintain dividends. BP is among international oil producers to forecast a prolonged price slump...

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