BP has reported weaker than expected profits of $3.3bn (£2.7bn) for the third quarter of this year after a slump in its gas trading business.
The company said its profits halved in the three months to September compared with bumper profits of $8.2bn in the equivalent months last year when oil and gas prices soared after Russia’s invasion of Ukraine.
The result was also well below analysts’ expectations of $4.01bn for the quarter.
The lower than expected profits mark BP’s first set of financial results since the shock exit of its chief executive last month.
Bernard Looney stepped down after three years at the helm after failing to disclose full details of relationships with colleagues. He was also under pressure from shareholders over his plan to cut oil production by the end of the decade.
The BP’s chair, Helge Lund, started the hunt for a new boss, which could lead to the company’s first external chief executive hire for decades. The role is now being filled by the BP chief financial officer, Murray Auchincloss, on an interim basis.
Auchincloss said it had been a “solid quarter” for the company because of its “strong underlying operational performance”.
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He added: “As we laid out at our investor update in Denver, we remain committed to executing our strategy, expect to grow earnings through this decade, and on track to deliver strong returns for our shareholders.”
