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Oil major BP reported a fall in profit in the third quarter, driven by 'significantly' lower upstream growth amid a decline in oil prices and hurricane impacts.
Underlying replacement cost - a closely watched measure to gauge performance - for the third quarter of 2019 was $2.3bn, well below the $3.8bn seen a year earlier, with reported oil and gas production up 2.8% to an average of 3.7m barrels a day of oil equivalent.
Underlying upstream production, excluding Rosneft, was down 2.5% from a year earlier, reflecting maintenance across a number of regions and weather impacts in the US Gulf of Mexico, the company said.
Organic capital expenditure for the third quarter and nine months was $3.9bn and $11.3bn respectively.
A dividend of 10.25 cents a share was announced for the quarter.
Looking ahead, the company said it expected fourth-quarter 2019 reported production to be higher than the third-quarter's, due to the completion of seasonal maintenance and turnaround activities.