BP profits slump on weaker oil prices, but beat forecasts

BP’s third-quarter profit dropped sharply, but still beat expectations, hurt by weaker oil prices, lower production and one-off charges linked to large divestments.

London-based BP reported on Tuesday third-quarter underlying replacement cost profit, the company’s definition of net income, of $2.3 billion, exceeding forecasts of $1.73 billion in a company-provided survey of analysts.

That compared with $3.83 billion a year earlier and $2.81 billion in the second quarter of 2019.