Oct 27, 2020

BP returns to profit but warns of volatile outlook

BP returned to a profit in the third quarter as crude prices and energy demand recovered, but the oil producer warned that the outlook remained volatile as the pandemic threatens the global economy. Underlying profit on a replacement cost basis - a measure of income tracked most closely by oil analysts - was $86m in the three months to September 30. BP said it had benefited from the absence of major exploration write-offs, in contrast with the previous quarter, even though earnings took a hit from "Significantly lower" results at its oil trading business. "The ongoing impacts of the Covid-19 pandemic continue to create a volatile and challenging trading environment," BP said. The pandemic is accelerating an overhaul of the company under Bernard Looney, its chief executive, who started in his role in February and promised to transform BP into a net-zero emissions company by 2050.

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