UPSTREAMONLINE.COM
UK supermajor BP saw profits rise in the third quarter of the year but the underlying performance of the business was down as production also slipped 5.9%. BP posted a profit of $1.6 billion for the three months to 30 September, a sharp rise from the $46 million profit booked during the same period last year. Helping boost results in the recent quarter was a net gain for non-operating items of $949 million, which offset net unfavourable fair value accounting effects of $221 million. Underlying replacement cost profit for the third quarter of 2016 totalled $933 million, down from $1.8 billion a year ago. BP’s upstream business segment posted a profit, before interest and taxes, of nearly $1.2 billion in the third quarter, up from $716 million last year. The segment received a boost from a non-operating gain of nearly $1.5 billion, compared with a net non-operating charge of $118 million a year ago, largely due to impairment reversals which predominantly related to assets in Angola and the North Sea.
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UK supermajor BP saw profits rise in the third quarter of the year but the underlying performance of the business was down as production also slipped 5.9%. BP posted a profit of $1.6 billion for the three months to 30 September, a sharp rise from the $46 million profit booked during the same period last year. Helping boost results in the recent quarter was a net gain for non-operating items of $949 million, which offset net unfavourable fair value accounting effects of $221 million. Underlying replacement cost profit for the third quarter of 2016 totalled $933 million, down from $1.8 billion a year ago. BP’s upstream business segment posted a profit, before interest and taxes, of nearly $1.2 billion in the third quarter, up from $716 million last year. The segment received a boost from a non-operating gain of nearly $1.5 billion, compared with a net non-operating charge of $118 million a year ago, largely due to impairment reversals which predominantly related to assets in Angola and the North Sea.
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