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BP profit slides 49% on weaker oil refining

BP profit slides 49% on weaker oil refining

Date: 1 November 2016 21:46

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Baku, November 1, AZERTAC

BP Plc reported a 49 percent decline in third-quarter earnings after crude prices fell and refining margins shrank, according to the Bloomberg.

Profit adjusted for one-time items and inventory changes dropped to US$933 million from US$1.8 billion a year earlier, the London-based company said Tuesday in a statement. That beat the US$719.2 million average estimate of 14 analysts surveyed by Bloomberg.

BP's earnings have fallen year-on-year for nine consecutive quarters, piling pressure on Chief Executive Officer Bob Dudley to rein in spending and sell assets without jeopardizing future growth. Oil's rally following the Organization of Petroleum Exporting Countries' September decision to cut output is fading and BP and its peers will need to continue cutting spending so they can maintain dividend payouts.

Brent averaged US$46.99 a barrel in the quarter, down from US$51.30 a year earlier and US$47.03 in the prior three months. The decline that began in mid-2014 has forced explorers to delay projects, cancel billions of dollars of investments and eliminate thousands of jobs. Prices have increased about 7 per cent since OPEC's surprise U-turn in Algiers on Sept 28.


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