The British oil and gas company BP has reported a positive result in the third quarter, after a huge loss a quarter earlier. The company had to write much less on the expected yields from oil fields. The fuel sales also increased.
However, the margins in the refining branch were”extremely weak”. Experts also point out that the international oil giants, including BP, are still facing tough times due to the low oil price. New travel restrictions due to the spread of the coronavirus in recent weeks are also putting pressure on fuel sales.
BP managed to make a profit of $100 million during the measurement period. This is the so-called adjusted profit for replacement costs, which is the main measure of the result for BP. That was another $ 6.7 billion loss in the second quarter.