BP profits fall 40% as oil prices slide

BP reported its first net loss in more than three years on an asset-sales charge, and lower oil prices hit underlying profit. Still, strong refining operations helped to beat analysts’ forecasts For more business news, follow ReutersBiz

) profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the company beat expectations even after taking a one-off $2.6 billion charge linked to asset sales.

Cash flow from operations was unchanged in the quarter from a year earlier at $6.1 billion despite a 17% drop in oil prices. In a sign of confidence, BP eliminated a scrip dividend for the quarter which allows investors to get shares instead of cash, a measure used during the industry downturn.Oil and gas production, excluding BP’s share from its 19.75% stake in Russia’s Rosneft, was down 2.5% from a year earlier at 2.568 million barrels of oil equivalent per day as a result of maintenance at several high-margin fields and a two-week disruption to production in the U.S. Gulf of Mexico from Hurricane Barry.

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