BP expects lower profits in the fourth quarter due to weak oil trading and declining refining margins.
Weak oil trading and declining refining margins are expected to lower the fourth-quarter earnings at BP, the UK-based supermajor said on Tuesday, joining other international giants in flagging weaker profits. BP forecasts that weaker realized refining margins will dent the Q4 earnings by up to $300 million. Refinery turnaround activity is also set to have a higher impact for the fourth quarter compared to the third quarter. The BP refining marker margin averaged $13.
0 billion attributable across the segments. These items are treated as adjusting items and excluded from underlying replacement cost profit, BP’s equivalent of net profit. BP will release fourth-quarter and full-year results on February 11.
Oil Profits Refining Margins Weak Trading Lower Production Earnings Outlook Capital Markets Supermajor Shell Exxonmobil
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