Oil giant BP says earnings fell 48 percent in 3Q

By The Associated Press

Oil giant BP says earnings fell 48 percent in the third quarter as the company continued to adjust to lower oil and gas prices.

 

 

LONDON (AP) — Oil giant BP says earnings fell 48 percent in the third quarter as the company continued to adjust to lower oil and gas prices.

Underlying replacement cost profit fell to $933 million from $1.8 billion in the same period last year. The figure, which excludes non-operating items and fluctuations in the value of inventories, is the industry's preferred measure.

Brian Gilvary, BP's chief financial officer, said Tuesday that the company continues "to make good progress in adapting to the challenging price and margin environment."

Gilvary says BP was preparing for oil prices of $50 to $55 a barrel, down from more than $100 a barrel in September 2014.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs