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BP’s net profit plunges 40% in Q3

by ChemOrbis Editorial Team -
  • 27/10/2015 (14:59)
According to a press release on the company’s website, BP PLC’s net profit plunged 40% to $1.8 billion in the third quarter compared with a net profit of $3 billion in the same period of 2014. The company cited lower oil and gas prices as the main reason behind their weaker financial results. However, BP’s Q3 net profit topped Reuters analysts’ estimates, which called for a net profit of $1.2 billion.

The company also reported that they will further cut spending to $17-19 billion by 2017, while it also announced additional divestments worth around $3-5 billion in 2016. Since 2010, the company has divested $45 billion in assets, according to media reports.

BP also cut its full-year spending estimates to less than $20 billion from $23 billion for 2014.
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