BP has slipped to a $351m (£269m) loss for the third quarter after lower oil and gas prices, a major hurricane, and big one-off charges related to the sale of parts of the company all took their toll
BP has slipped to a $351m loss for the third quarter after lower oil and gas prices, a major hurricane, and big one-off charges related to the sale of parts of the company all took their toll.
The loss for the three months to the end of September compares with a $3.09bn profit in the same period last year. Stripping out one-off charges, profits were still down by more than 40% - though the performance beat market expectations.Chief executive Bob Dudley said:"BP delivered strong operating cash flow and underlying earnings in a quarter that saw lower oil and gas prices and significant hurricane impacts."The UK-based oil giant - whose shares are a staple of many pension funds - said production levels were hit by the impact of Hurricane Barry on operations in the Gulf of Mexico.
Lower prices took their toll too, with a barrel of Brent crude trading at an average $62 over the period compared with $69 in the second quarter and $75 in the third quarter last year.
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