BP reports third quarter 2015 results, sets out forward plans
BP today reported results for the third quarter of 2015 and set out a medium-term financial frame to balance cash flows by 2017 at around $60 per barrel.
BP reported underlying replacement cost profit (1) of $1.8 billion for the quarter, compared with $1.3 billion for the previous quarter and $3.0 billion for the third quarter of 2014. Compared with a year earlier, the result primarily showed the impact of sharply lower oil and gas prices but also the benefits of a continuing strong downstream environment and performance and steadily lower cash costs throughout the Group.
Group chief executive Bob Dudley and chief financial officer Brian Gilvary will later today describe to investors the company’s response to lower oil prices and how it expects to balance its organic sources and uses of cash (2) by 2017 in an around–$60 per barrel Brent oil price environment. They will also provide an update on BP’s major projects progressing over the next few years. ….