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.
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.