BP announced its lowest quarterly profit since the Covid-19 pandemic as lower oil prices and weak refining margins weighed on its performance.
The FTSE 100 energy major made underlying profits of $2.27bn in the third quarter, beating average analyst estimates of $2.05bn. That was down from $2.8bn in the second quarter and from $3.3bn in the same period in 2023.
The 30 per cent year-on-year drop in earnings will maintain pressure on chief executive Murray Auchincloss who has pledged to make BP “simpler, more focused and higher value” but has so far struggled to boost performance, which has largely lagged behind rivals in 2024.
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