BP third quarter 2016 results

BP today reported a profit for the third quarter of 2016 of $933 million on an underlying replacement cost basis1. This compares to $720 million profit for the previous quarter and $1.8 billion for the third quarter of 2015. The quarter’s result was affected by a weaker price and margin environment. It was also negatively impacted by a number of mainly one-off and non-cash items in the Upstream. However, the result also included benefits from lower cash costs being incurred throughout the Group and a positive one-time tax credit. ….