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BP Profit Slides on Weaker Refining, Oil-Production Loss

Exploration and production division posts $224 million loss
Reiterates aim to balance cash flow, spending at $50-$55 crude

Video player cover image — What Do Shell, BP Earnings Say About Oil?

By

Rakteem Katakey and

Angelina Rascouet

November 1, 2016, 7:05 AM UTCUpdated onNovember 1, 2016, 11:01 AM UTC

BP Plc reported a 49 percent decline in third-quarter earnings after crude prices fell, refining margins shrank and its exploration and production division posted a loss. Shares fell.

Profit adjusted for one-time items and inventory changes dropped to $933 million from $1.8 billion a year earlier, the London-based company said Tuesday in a statement. That beat the $719.2 million average estimate of 14 analysts surveyed by Bloomberg. The company’s exploration and production division lost $224 million compared with a profit of $823 million a year earlier.