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BP Narrowly Avoids Third-Quarter Loss

  • Rebound in fuel-marketing sales offset weak refining margins
  • Outlook remains very uncertain as demand recovery levels off
BP Plc Report Half-Year Earnings
Photographer: Luke MacGregor/Bloomberg
Updated on

BP Plc used a surprise third-quarter profit to reassure investors that it was on the road to recovery, while also warning that it would be a long journey.

BP has had a turbulent few months. The company cut its dividend for the first time in a decade and its share price plunged to a 25-year low after Chief Executive Officer Bernard Looney announced a companywide overhaul toward greener energy. It also plans to cut 10,000 jobs.