BP says quarterly profit slides to $3.5 billion

29th October 2013, Comments 0 comments

British energy giant BP said Tuesday that its net profit slid 34 percent to $3.5 billion (2.54 billion euros) in the third quarter compared with the equivalent period a year earlier.

The group's replacement cost profit -- which excludes changes in the value of oil inventories -- dropped to $3.18 billion. Production fell 2.3 percent while BP was hit also by lower refining margins, it revealed in an earnings statement.

It added that charges incurred by the group as a result of the Gulf of Mexico oil spill disaster in 2010 currently stood at $42.5 billion.

"Compared with 2012, the third-quarter result was significantly impacted by weaker refining margins, particularly in the US, as well as the absence of earnings from the divested Texas City and Carson refineries, each of which delivered unusually strong results in the third quarter of 2012," BP said.

© 2013 AFP

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