This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8327254.stm
The article has changed 8 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| BP profits hit by lower oil price | BP profits hit by lower oil price |
| (20 minutes later) | |
| Lower oil prices have continued to hurt BP, with its third-quarter profits more than halving from a year ago. | Lower oil prices have continued to hurt BP, with its third-quarter profits more than halving from a year ago. |
| Its replacement cost profit between July and September was $4.98bn (£3bn), down from $10bn a year earlier. | Its replacement cost profit between July and September was $4.98bn (£3bn), down from $10bn a year earlier. |
| However, the results were ahead of analysts' forecasts after the company made bigger-than-expected cost cuts. | |
| Although oil prices have risen in recent months to about $80 a barrel, they are well off the $147 high set in July last year. | |
| BP said unit production costs were 18% lower than in the third quarter of 2008, while oil and gas production was up 7% on last year. | |
| REPLACEMENT COST PROFIT Replacement cost profit is the reporting measure typically used by oil companies and reflects the current cost of supplies The measure strips out gains or losses related to any changes in the value of the firm's stock of fuel products | |
| Net income at its Russian joint venture TNK-BP rose 34% to $1.7bn. | |
| The project had been marred by a dispute between BP and the Russian shareholders in the venture, and was only resolved in September last year when Robert Dudley stepped down as TNK-BP's chief executive. | |
| BP said the venture was well-positioned to deliver a solid performance in 2009. | |
| BP was also buoyed last month by a "giant" new oil discovery in the Gulf of Mexico. |