By Fred Pals and Eduard Gismatullin
Oct. 23 (Bloomberg) — BP Plc, Europe’s second-biggest oil company, said profit declined 29 percent in the third quarter because of lower refining earnings and natural-gas prices.
Net income fell to $4.41 billion from $6.23 billion in the year-earlier period, the London-based company said today in a statement distributed by the Regulatory News Service. Excluding one-time items and changes in inventories, profit beat analysts’ estimates.
Refining margins dropped 5.2 percent as gasoline demand weakened with the end of the U.S. summer driving season, and natural gas prices slid 6.4 percent. BP, the first of the world’s five largest oil companies to report, is cutting jobs and breaking up a division to restore investor confidence after Chief Executive Officer Tony Hayward called the third quarter “dreadful.” read more
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