BP’s third quarter profit dips

BP's third quarter profit dips

Oil and gas giant BP reported a decline in its third-quarter profit due to lower oil and gas prices.

The London-based company said its underlying replacement cost profit was at US$1.8 billion, compared with US$3 billion in the third quarter of 2014.

BP’s operating cash flow for the third quarter was US$5.2 billion bringing the total for the first nine months of the year to US$13.3 billion.

Last year, we acted decisively to reset BP for a sustained period of lower oil prices and the results are coming through well. We are now in action to rebalance our financial framework in this new price environment,” BP’s CEO, Bob Dudley said.

The company expects organic capital expenditure will be in the range of US$17-19 billion a year through to 2017, closer to US$19 billion in 2015.

Expectations for 2015 capital expenditure were US$24-26 billion a year ago and under US$20 billion in the second quarter of 2015.

LNG World News Staff; Image: BP

Share this article

Follow LNG World News

Posted on October 27, 2015 with tags .

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >