BP reports 31% decline in Q3 2024 net income to $2.26bn

BP has reported an underlying replacement cost (RC) profit, proxy for net profit, of $2.26bn in the third quarter of 2024 (Q3 2024), a 31.1% drop from $3.29bn during the same period in 2023. The decrease has been attributed to weaker refining margins, poor oil trading performance and lower liquid realisations, although this was partially offset by higher gas realisations.

The UK-based oil and gas company’s total revenues and other income during the three months under review was $48.33bn, down 10.5% from $54.01bn in Q3 2023. BP’s operations maintained upstream production at 2.4 million barrels of oil equivalent per day and a refining availability of 95.6%. During the quarter, BP’s capital expenditure was $4.54bn, up from $3.60bn.In the first three quarters of 2024, BP’s underlying RC profit was $7.74bn and during Q2 2024 the energy major reported underlying RC profit of $2.75bn.

Source: offshore-technology.com