News | Published October 29 2019

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.

Related Stories

Authored by

Scott Challinor
Business Editor
October 29 2019

Featured Organisations

H F B Financial Planning

As directors of HFB Financial Planning Ltd, both Michael Speakman and Neil Swainson boast a wealth of experience within the financial and banking sect... Read more

Carnoustie Golf Links

Historically, the game of golf has been played at Carnoustie since 1560, with the legendary Tom Morris laying the first 18-hole course there in the ea... Read more

Ethero Strategic Staffing

Ethero are ranked the sixth fastest-growing recruitment organisation in the UK and have targeted turnover of £20 million by 2020. They were establishe... Read more

Latest News

Ministers open-minded about vaccine passports