Earnings

Oil major misses estimates as profits plunge

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The BP logo is displayed outside a petrol station near Warmister, on August 15, 2022 in Wiltshire, England.

Matt Cardy | Getty Images News | Getty Images

LONDON — Oil major BP on Tuesday reported a steep year-on-year fall in profits, missing analyst estimates.

The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $3.293 billion in the third quarter. This was a drop from $8.15 billion over the same period last increase, but an increase from the $2.59 billion of profit recorded in the second quarter.

Analysts had expected profit to come in at $4.059 billion in the third quarter, according to a collection of estimates by LSEG.

BP’s…



Source cnbc.com

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