BP’s profit disappoints, stocks marginally lower
The company reported a 41% fall in third-quarter net profits
Stocks impacted: BP PLC (BP)
The London-based energy giant posted a sharp drop in third-quarter profit, hurt by weaker oil prices and lower production. Also, production was hit by maintenance activities in some of the company’s highest-margin regions. Total revenue for the third quarter was $62.29 billion, compared with $80.80 billion the previous year. Upstream production for the quarter rose 4.4% to 2.57 million barrels of oil equivalent a day. BP said it expects fourth-quarter production to be higher thanks to the completion of seasonal maintenance and turnaround activities. The company’s shares are trading 0.63% lower on the day after the report.
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