BP Flags Weak Oil Trading While Production Rebound Continues
(Bloomberg) -- BP Plc said weak oil trading performance hit the company’s quarterly profit, while production increased.
“Production is now expected to be higher compared to the prior quarter,” the company said Tuesday in a trading update before third-quarter earnings, which will be released in early November. “The oil trading result is expected to be weak.”
New chairman Albert Manifold told staff on Oct. 1 — his first day in the job — that the firm needs to expedite cost cutting and asset sales, a strategic reset laid out back in February by CEO Murray Auchincloss. He is trying to refocus the firm on oil and gas after years of bets on low-carbon projects that disappointed investors.
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