BP reports Q3 replacement cost profit down 54% to $916m

27 October 2009 08:45  [Source: ICIS news]

LONDON (ICIS news)--BP's refining and marketing business posted a replacement cost profit before interest and tax of $916m (€613.7m), down 54% year on year, due to the weaker refining market, the UK oil and gas major said on Tuesday.

However, the division – which includes the energy giant’s aromatics and acetyls businesses – reported that its pre-tax profit for the three-month period ending 30 September was $1.4bn, up from a loss of $823m during the same period last year.

“Adjusting for non-operating items and fair value accounting effects, the result for the third quarter was lower than in the same period of 2008, largely due to the weaker refining environment in which global indicator margins were less than half of the levels seen in third quarter of 2008,” BP said in a statement.

“In petrochemicals, volumes were over 20% higher than in the second quarter and also higher than the same period last year,” BP said.

However, the company predicted the petrochemical margins would be under pressure in the fourth quarter due to new capacity coming on stream.

BP’s total third-quarter replacement cost profit was down 50% year on year to $4.98bn, while sales and other operating revenues fell 36% to $66bn.

($1 = €0.67)

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By: Lucy Craymer
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