BP Warns Weak Refining and Oil Trading Will Hurt Q3 Earnings

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 23 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 44%
  • Publisher: 68%

BP News

Profits,Refining Margins,Oil Trading

BP expects lower profits in Q3 due to weak refining margins, a weak oil trading result, and higher exploration write-offs.

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Why No Major Oil Company Is Rushing To Drill Pakistan's Huge Oil ReservesA long exploration effort has led to the reportedly massive discovery of oil and gas reserves in Pakistan's territorial waters, but no oil majors is rushing to commercially drill those reserves
Source: OilandEnergy - 🏆 34. / 68 Read more »