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BP swings back to profit

BP swings back to profit

Still, the company warns there are many challenges ahead

Stocks impacted: BP plc (BP)

The oil major swung to a profit in the quarter as the impact of lower oil prices on revenue was offset by a fall in costs. The firm reported a pre-tax profit of $150 million compared with a loss of $25 million year-on-year, while revenue fell to $24.3 million from $68.3 million. BP said its profit arrived at $100 million for the third financial quarter, helped by stronger oil prices, versus the expected loss of $120 million, following a record $6.7 billion loss in the previous quarter. At the same time, the company warned there are many challenges ahead, citing uncertainty surrounding the pace of recovery in oil demand amid the coronavirus pandemic. Also, the dividend was cut by 48.8% to 5.25 cents. BP expects US gas supply to continue its decline next year amid a drop production. On Monday, BP stocks finished 2.68% lower.

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