Economy

xchrom

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31. BP PROFITS HIT BY DROP IN OIL PRICES

Tue Oct 28, 2014, 07:24 AM

Oct 2014

http://hosted.ap.org/dynamic/stories/E/EU_BRITAIN_EARNS_BP?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-10-28-07-02-40

LONDON (AP) -- British oil company BP says its earnings have fallen in the third quarter as the price of crude oil dropped globally.

The company says its replacement cost profit, a key gauge of earnings for oil companies, fell to $2.39 billion in the three months to September from $3.18 billion in the same period a year earlier.

Its earnings from upstream operations, in which it explores and extracts oil, were down, reflecting the drop in oil prices. The benchmark international contract for crude has fallen $28 in the past four months, to around $86 a barrel.

BP has a stake in Rosneft, the Russian state-controlled oil company. It said Tuesday, however, that sanctions by the U.S. and European Union on Russia "have had no material adverse impact."

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