BP has reported a net profit attributable to shareholders of $206m for the third quarter of 2024 (Q3 2024), a decline of 95.8% from the $4.86bn reported in the same period last year.
In the previous quarter, Q2 2024, BP recorded a loss of $129m.
The oil and gas firm’s underlying replacement cost (RC) profit for Q3 2024 stood at $2.3bn, representing a 30.3% decrease from $3.3bn in Q3 2023.
The decline in the underlying result from Q2 reflects weaker realised refining margins, lower liquids realisations, and a weak oil trading performance, partially offset by stronger gas realisations.
BP’s reported results for Q3 2024 include adjustments for inventory holding losses amounting to $1.2bn (pre-tax) and a net adverse impact of $1.6bn (pre-tax) from other adjusting items, resulting in the underlying RC profit.
Total revenue and other income for BP in Q3 2024 reached $48.3bn, marking a 10.6% decrease from $54.01bn in Q2 2024.
Operating cash flow for the quarter was $6.8bn, incorporating a working capital release of $1.4bn. This release reflects a reversal of a working capital build-up from the first quarter, influenced by the current pricing environment and the timing of various payments.
Net debt of BP rose to $24.3bn, a 2.1% increase from Q2, driven by reduced operating cash flow, increased capital expenditures, and lower proceeds from divestments and other sources.
Upstream production for BP in Q3 2024 was 2.4 million barrels of oil equivalent per day (mmboe/d), while refining availability stood at 95.6%.
During Q3 2024, BP signed two memorandums of understanding to join SOCAR in two offshore exploration and development blocks in Azerbaijan and entered discussions for a redevelopment programme in the Kirkuk region.
In the ongoing fourth quarter, BP completed the bp Bunge Bioenergia and Lightsource bp deals.
BP CEO Murray Auchincloss said: “We have made significant progress since we laid out our six priorities earlier this year to make bp simpler, more focused and higher value. In oil and gas, we see the potential to grow through the decade with a focus on value over volume.
“We also have a deep belief in the opportunity afforded by the energy transition – we have established a number of leading positions and will continue high-grading our investments to ensure they compete with the rest of our business.”
