British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.
British oil major BP on Tuesday reported its weakest quarterly earnings in nearly four years, weighed down by a slump in crude prices and lower refining margins.
The energy firm posted underlying replacement cost profit, used as a proxy for net profit, of $2.3 billion for the July-September period.
BP reported net profit of $2.8 billion for the second quarter of the year and $3.3 billion for the third quarter of 2023.
The firm's third-quarter results were the weakest since the fourth quarter of 2020, when industry profits cratered during the coronavirus pandemic.
Persons:
Murray Auchincloss
Organizations:
BP, British Petroleum
Locations:
Warsaw, Poland