BP’s profits tumbled by nearly one-third in the third quarter to £1.75 billion, as a slump in refining margins weighed on income at the energy giant. The FTSE 100 company reported that profits were down compared with the same period a year earlier as faltering global demand for oil hit its refining business.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:07BP's profits tumbled by nearly one-third in the third quarter to £1.75 billion, as a slump in refining margins weighed on income.
00:19The company reported that profits were down compared with the same period a year earlier, as faltering global demand for oil hit its refining business.
00:28BP reported an underlying replacement-cost profit of $2.27 billion, which is beating analysts' expectations but coming in lower than the $2.76 billion in the second quarter.
00:42It's an update this morning from BP, which has seen its profits tumble by nearly a third as a slump in refining margins weighed on its income.
00:51My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.