Article 6RTJ5 BP posts weakest quarterly profits in almost four years amid lower oil prices

BP posts weakest quarterly profits in almost four years amid lower oil prices

by
Jillian Ambrose Energy correspondent
from World news | The Guardian on (#6RTJ5)

Energy company says it plans to cut at least $2bn of cash costs from the business by the end of 2026

BP has reported its weakest quarterly profits in almost four years owing to the slump in global oil prices and falling margins in its refinery business.

The oil company revealed underlying profits of almost $2.3bn (1.8bn) for the July to September period, its lowest quarterly result since the last three months of 2020, when Covid travel restrictions caused oil prices to crash.

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