BP's Q3 Profits Drop to $3.3bn, Missing Predictions Despite Rise in Oil Prices

Weak gas trading results and a $540 million write-off on three U.S. wind farm projects contribute to steep decline in BP's earnings, with stocks also witnessing a 4% drop.

BP posted Q3 profits of $3.3bn, falling short of analysts' expectations and showing a decline from $8.1bn in the same period in 2022.
Despite a recent rise in global oil prices and a stable business operation, BP's weak gas trading results contributed to its lower profits.
The company took a $540m write-off on three U.S. wind farm projects after failing to renegotiate agreements with authorities to mitigate inflation and delays.
BP's stocks witnessed a 4% drop following the release of these results.
BP paid a windfall tax of approximately $620m for its North Sea business in the first nine months of 2023, contributing to a total tax rate of 75% due to a government policy implemented until March 2028.