(MENAFN- Baystreet) British Petroleum's Q3 Profit Falls 60%
Oil major British Petroleum (BP) has reported that its third-quarter profit declined 60% from a year earlier, missing analyst forecasts.
The energy giant announced a Q3 net profit of $3.29 billion U.S., down 60% from $8.15 billion U.S. in the same quarter of 2022.
Analysts had expected BP to announce a Q3 profit of $4.06 billion U.S., according to data from LSEG, formerly Refinitiv.
The London-based company blamed the profit plunge on weak gas marketing and poor trading results during the July through September period.
BP also recorded an impairment charge of $1.2 billion U.S., including a pre-tax charge of $540 million U.S. related to offshore American wind projects.
The steep drop in profit at BP comes weeks after the sudden and unexpected departure of company chief executive officer (CEO) Bernard Looney, who resigned after admitting to past relationships with colleagues.
The CEO role at BP is currently being filled on an interim basis by chief financial officer (CFO) Murray Auchincloss.
After Looney's resignation, BP's U.S. head, Dave Lawler, also resigned without any explanation being provided.
Looking ahead to the current fourth quarter of the year, BP said it expects stronger oil prices, which currently hover around $85 U.S. per barrel.
The company said it also anticipates industry refining margins will be“significantly lower” in Q4.
As part of its Q3 print, BP announced a $1.5 billion U.S. share buyback program to be executed by year's end.
The stock of BP has risen 15% over the last 12 months and currently trades at $38.35 U.S. per share.
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