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BP said its third-quarter earnings would be lower than expected when it reports at the end of October, on weak margins at its refineries, lower output from its oilfields and higher exploration write-offs.
Giacomo Romeo, an analyst at Jefferies, said he expected consensus earnings would now be about 10 per cent lower than the $2.3bn previously forecast.
BP said it had taken hits of up to $1.1bn across its businesses and that net debt would be higher than expected, partly because some of its divestment proceeds would fall into the subsequent quarter.
The oil major’s share price has lagged behind its peers and is down more than 12 per cent in the year to date.
This is a developing story