BP Q3 Earnings Fall, but Delivery on Cost Reductions Sets Up 2017 for $55/Barrel Break-Even
BP reported a decline in third-quarter earnings as low prices continued to weigh on upstream earnings while downstream earnings deteriorated further amid weakening market conditions. Underlying replacement profit after tax fell to $933 million from $1.8 billion a year ago. The upstream segment posted a loss of $224 million, compared with earnings of $823 million last year on lower realizations and a 5.9% decline in volumes, owing largely to maintenance and turnaround activity. Downstream earning...
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