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BP reported a steep drop in third-quarter profits as energy prices fell and its gas trading business faltered.
The UK oil and gas major said on Tuesday that underlying earnings fell to $3.3bn, down from $8.2bn a year earlier.
The results, which missed market expectations of $4bn, are the first since chief executive Bernard Looney resigned in September over his failure to disclose past relationships with colleagues.
Interim chief executive Murray Auchincloss said that the business had delivered a strong operational performance, with oil and gas production 3 per cent higher than last year and production costs 6 per cent lower.
But that could not compensate for lower prices for BP’s hydrocarbons and lower than expected results from its gas trading operations.
Despite the sharp drop in earnings BP continued with its share buyback programme, announcing plans to repurchase a further $1.5bn of shares.
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