BP posts quarterly loss on divestment charge and weaker Upstream earnings

BP’s third-quarter results took a hit due to lower oil prices, maintenance works, hurricane impacts, and a divestment charge.

Underlying replacement cost profit for the third quarter of 2019 was $2.3 billion, compared to $3.8 billion a year earlier. The result was impacted by significantly lower Upstream earnings, resulting from lower prices, maintenance and weather impacts, BP said. Brent crude averaged $62 in the third quarter of 2019, down from $75 in the third quarter of 2018.

The company on Tuesday reported a third-quarter loss of $749 million, down from a profit of $3.3 billion a year ago, citing a divestment-related, non-cash, non-operating after-tax charge of $2.6 billion.

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