Oil and gas giant BP reported a decline in its third-quarter profit due to lower oil and gas prices.
The London-based company said its underlying replacement cost profit was at US$1.8 billion, compared with US$3 billion in the third quarter of 2014.
BP’s operating cash flow for the third quarter was US$5.2 billion bringing the total for the first nine months of the year to US$13.3 billion.
“ Last year, we acted decisively to reset BP for a sustained period of lower oil prices and the results are coming through well. We are now in action to rebalance our financial framework in this new price environment ,” BP’s CEO, Bob Dudley said.
The company expects organic capital expenditure will be in the range of US$17-19 billion a year through to 2017, closer to US$19 billion in 2015.
Expectations for 2015 capital expenditure were US$24-26 billion a year ago and under US$20 billion in the second quarter of 2015.
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LNG World News Staff; Image: BP