Weaker refining margins and a dip in oil prices have hit profits at BP, which have fallen to their lowest quarterly level since the pandemic.
Adjusted profits for the FTSE 100 oil major declined to $2.3 billion for the September quarter from $3.3 billion a year earlier, although they were ahead of a consensus forecast of $2.05 billion.
Lower refinery margins on products including diesel and jet fuel and a writedown against the value of the Gelsenkirchen refinery in western Germany hit earnings by $358 million and pushed adjusted profits for its customers and products division down to $381 million, from $2.1 billion a year earlier.
BP pumped 2.4 million barrels of oil equivalent a day in the third quarter, 3 per cent higher than