Weak refining margins and weaker oil trading results are expected to dent BP’s third-quarter profit, the UK-based supermajor warned on Friday. BP is yet another oil major to flag weakness in their refining business for the past quarter, following warnings from Shell and ExxonMobil. Compared to the second quarter, BP expects its Q3 results to have been dented by weaker realized refining margins and a weak oil trading result.
BP also sees its net debt at the end of the third quarter to be higher, driven primarily by the impact of weaker realized refining margins and by the re-phasing of around $1 billion of divestment proceeds into the fourth quarter. The BP announcement follows the one from Shell earlier this week, in which the other UK-based supermajor said it expects lower refining margins and a loss in its chemicals business to weigh on its third-quarter earnings.
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