Demand remains weak: Despite another loss, BP does a little better than expected – BP shares rise | message

The bottom line was a loss of 450 million US dollars (381 million euros) for the shareholders, as the company announced on Tuesday in London. A year ago, BP reported a deficit of 749 million dollars, and in the particularly burdened second quarter of this year even a loss of 16.8 billion dollars.

Lower prices and a lower volume of production continue to weigh on the group, even if there was a small profit in the operating business. Excluding special items and changes in the valuation of oil reserves, a profit of $ 86 million between July and the end of September compared with $ 2.25 billion a year earlier. Here analysts had also expected a loss this time.

The share was listed in London in the morning 1.6 percent in the plus at a good 203 pence. That changes little in the decline of the course this year: At the start of the year it was around 500 pence.

BP boss Bernard Looney puts the quarterly dividend as in the previous quarter at 5.25 US cents. BP then cut its quarterly payout for the first time in ten years. In the past quarter, progress was made in deleveraging, it was now said. The net financial debt at the end of September was $ 40.4 billion, a year ago it was $ 46.5 billion.

The gradual recovery in oil demand since the spring appears to be continuing, the company said. Demand is picking up in Asia in particular. However, the shape and speed of the recovery in the global economy are still dependent on the further spread of the corona pandemic.

In the third quarter, BP achieved a realized average price of $ 38.17 per barrel (159 liters) of oil and liquefied gas. In the same period last year it was still $ 55.68.

/ men / mis / jha /

LONDON (dpa-AFX)

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