The decline was smaller than expected amid a slowdown in global economic activity and oil demand, particularly in China, but raises pressure on BP CEO Murray Auchincloss
on Tuesday reported a 30 per cent drop in third-quarter profit to $2.3-billion, the lowest in almost four years, weighed down by weaker refining margins and oil trading results.
BP shares, which were trading 1.7 per cent lower on Tuesday, have underperformed those of its rivals so far this year, falling 15 per cent compared with a 2 per cent decline for ShellAuchincloss, who took up the job in January, has vowed to focus on high-margin businesses, distancing himself from predecessor Bernard Looney’s strategy to rapidly expand renewables and reduce oil and gas output.
Sources also told Reuters that BP is considering selling a minority stake in its offshore wind business. Auchincloss said on Tuesday BP will bring in partners to offshore wind projects over time. The results were the weakest since the fourth quarter of 2020, when profits collapsed during the pandemic.
“Refining margins are dismal right now. The third quarter was a tough quarter, and the start of the fourth quarter is pretty bad as well,” Auchincloss said.
Cent Quarter Oil Auchincloss Debt Reuters Company Gas BP Shell Exxon Mobil
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