bp has reported a significant drop in profits for the third quarter of 2023.
The energy giant’s earnings have tumbled to $3.3 billion (£2.7bn), well below market expectations and in stark contrast to the previous year’s figures.
This decline in profits can largely be attributed to a slump in bp’s gas trading business, which has had a substantial impact on the company’s financial performance.
In comparison to the previous year’s profits of $8.2 billion (£6.7bn) during the same period, the latest figures represent a reduction in earnings.
Analysts had anticipated a more robust performance, with expectations set at $4.01 billion (£3.3bn) for the quarter.
This financial report is of particular importance as it represents the first set of results since the unexpected departure of bp’s former Chief Executive Officer last month.
bp’s Interim CEO Murray Auchincloss commented on the report, acknowledging the challenges faced in the quarter.
Mr Auchincloss said: “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.”