BP earnings drop amid decline in oil prices

BP's underlying replacement cost profit for the third quarter of 2019 was $2.3 billion, compared to $3.8 billion a year earlier, Report informs citing BP's report for nine months of the year. The result was impacted by significantly lower Upstream earnings, resulting from lower prices, maintenance and weather impacts. A divestment-related, non-cash, non-operating after-tax charge of $2.6 billion resulted in a reported loss for the quarter of $0.7 billion.

Operating cash flow, excluding Gulf of Mexico oil spill payments, was $6.5 billion for the quarter, including a $0.1 billion working capital release (after adjusting for net inventory holding losses). Gulf of Mexico oil spill payments were $0.4 billion on a post-tax basis.

A dividend of 10.25 cents per share was announced for the quarter.

Reported oil and gas production for the quarter averaged 3.7 million barrels of oil equivalent a day, compared to 3.6 million barrels of oil equivalent a day a year earlier.