BP 3rd Quarter Profits Almost Halve Year-on-Year - Statement

Third quarter profit of BP, which the oil giant calculates on an underlying replacement cost basis, came to $933 million, down from the 2015 third quarter figure of 1.8 billion, according to official statement.

MOSCOW (Sputnik) — BP third quarter profits have almost halved year-on-year as falling oil priced took their toll, the company said Tuesday.

Third quarter profit, which the oil giant calculates on an underlying replacement cost basis, came to $933 million, down from the 2015 third quarter figure of 1.8 billion.

"The quarter’s result was affected by a weaker price and margin environment. It was also negatively impacted by a number of mainly one-off and non-cash items in the Upstream. However, the result also included benefits from lower cash costs being incurred throughout the Group and a positive one-time tax credit," BP said in a statement.

At the same time, net headline profit came to 1.6 billion, which includes gains from non-operating items. The figure is up from last year's mere $46 million and second quarter's loss of $1.4 billion, according to the company.

Oil companies around the world have taken a hit as prices fell from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Crude prices are currently fluctuating between $45-50 per barrel.