Profit and revenue fell for British oil and gas company BP plc in the third quarter of the year compared to the same period of the previous year.
BP on Tuesday reported a profit before tax of $1.398 billion for the third quarter, significantly lower than $7.309 billion in the same quarter a year ago, mainly impacted by a decrease in revenue.
Net profit declined to $206 million, or $0.07 per American depositary share (ADS), from $4.858 billion, or $1.66 per ADS last year.
Replacement cost (RC) profit, which reflects the replacement cost of inventories sold in the period, decreased to $1.112 billion from $3.646 billion a year ago.
Excluding one-time items, underlying RC profit was $2.267 billion or $0.83 per ADS, down from $3.293 billion or $1.15 per ADS last year.
Revenues and other income for the quarter fell to $48.330 billion from $54.016 billion in the previous year. Sales and other operating revenues were $47.254 billion, down from $53.269 billion a year ago.
BP announced an interim dividend of 8 cents per share, which is expected to be paid on December 20 to ordinary shareholders and ADS holders on the register on November 8. The corresponding amount in sterling is due to be announced on December 5.
Looking ahead, the company expects fourth-quarter upstream production to be lower compared with the third quarter.