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BP reported a 16.8% year-on-year drop

October 25/2011

(ICIS) -- BP reported on Tuesday a 16.8% year-on-year drop in replacement cost profit before interest and tax at its refining and marketing division to $1.49bn (?1.07bn) in the third quarter of 2011 on the back of higher crude prices and negative foreign exchange effects. The segments profit before interest and tax fell by 34.7% year on year to $1.12bn in the third quarter of 2011, the UK-based oil giant said in a statement.

The third quarter saw a return to strong operations, relative to the weather-related power outages that impacted our second-quarter results, the company said. Compared with the same period a year earlier, the results in the third quarter reflected an improved refining environment, partially offset by increased turnaround activity, it said.

BPs refining and marketing division also benefited from strong refining feedstock optimisation in the US due to BPs location advantage in accessing WTI-priced crude grades, the company said.

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