The British oil giant BP on Tuesday published a sharp fall in third-quarter profit, to 206 million dollars, compared to 4.9 billion a year earlier, affected by falling refining margins, poor sales and write-downs. assets, in a context of falling prices.
BP had warned in a press release on October 11 of its pessimism about the results of the quarter, especially in comparison with “very good results” recorded over the same period last year.
The group is hardly more positive for the fourth quarter, saying it expects refining margins “remain weak” and that the production “be inferior” to that of the last quarter.
If oil prices were driven upwards at the end of the third quarter by renewed tension in the Middle East, they are structurally contained by weak demand from China, the leading importer of crude, and by production forecasts. abundant in 2025.
“In the oil and gas sector, we see opportunity to grow throughout the decade by focusing on value over volume”commented BP CEO Murray Auchincloss, thus looking ahead to the longer term.
He also says he believes “deeply into the possibilities offered by the energy transition”.
The company’s debt also increased over the period, due to the impact of lower refining margins but also because it postponed the recording of a credit in its accounts until the fourth quarter. approximately one billion dollars linked to disposals.
It now stands at $24.3 billion, compared to $22.6 billion at the end of the second quarter.
Shell, competitor and compatriot of BP, which will publish its results on Thursday, has also warned of a drop in its refining margins in the third quarter.
