BP reported its weakest quarterly profit in nearly four years, with underlying replacement cost profit of $2.3 billion for the third quarter, reflecting weaker oil prices and refining margins. The figure surpassed analyst forecasts but was $500 million less than the previous quarter and $1 billion down on the same period last year. BP attributed the decline to lower refining margins and weak oil trading contributions. The company's operating cash flow plunged by $2 billion to $6.8 billion, while net debt climbed to $24.3 billion. BP shares have lost around a quarter of their value in the past year.
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Original article source: https://www.dailymail.co.uk/money/markets/article-14014577/BP-records-weakest-quarterly-profit-nearly-four-years-oil-prices-fall.html
Source Id: 2024-10-529600574