bp profits drop by a third amid falling oil prices

The energy giant's underlying profit for the July-September period was $2.267 billion, down from $3.293 billion in the same quarter last year

29/10/2024 8:30 AM

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Energy giant BP has reported a significant drop in profits for the third quarter, with earnings down by a third due to weaker oil prices.

The company recorded an underlying profit of $2.267 billion (£1.75bn) between July and September, a sharp decline from the $3.293 billion (£2.25bn) earned during the same period last year.

This figure also falls below the $2.756 billion (£2.12bn) reported in the previous quarter.

The company said: “Compared with the second quarter 2024, the underlying result reflects weaker realised refining margins, a weak oil trading result and lower liquids realisations, partly offset by higher gas realisations.”