BP posts third quarter loss after challenging period
British Petroleum has reported a £269 million [$351 million] loss in the three months prior to the end of September, with its shares down three per cent in mid-morning trading on Tuesday.
This loss has been fuelled by falling oil and gas prices, with a barrel of Brent crude oil trading in at an average of $62 over the third quarter of 2019 compared to $75 over the same period last year.
Other factors include one-off charges encompassing the sale of certain divisions of the firm and the impact of Hurricane Barry on its operations in the Americas.
The loss is a significant setback on the third quarter of 2018, when BP posted a £2.37 billion profit.
The firm did, however, exceed market expectations for the period and not factoring in the one-off charges that came with selling parts of the business, it did turn a quarterly profit, albeit one that was 40 per cent less than that posted for the third quarter of last year.
BP chief executive, Bob Dudley, cited the company’s “strong operating cash flow” and “underlying earnings” as mitigating factors.