BP's profit for the third quarter of 2019 amounted to $2.3 billion, down from $3.8 billion a year earlier due to lower upstream earnings from weaker oil prices, and maintenance and climate impacts, the company announced on Tuesday.
The company's reported third-quarter results, despite beating analyst expectations of $2 billion, represent a fall of 41% when compared to the same period a year earlier.
The report comes shortly after CEO Bob Dudley, who has worked with BP for 40 years and held the position of CEO for almost a decade, announced that he would be soon be stepping down from his role.
"BP delivered strong operating cash flow and underlying earnings in a quarter that saw lower oil and gas prices and significant hurricane impacts," Dudley said.
"We’re also continuing to advance our strategy, making strong progress with our divestment plans and building exciting new opportunities in fast growing downstream markets in Asia," he added.
The company maintained its quarterly dividend at 10.25-dollar cents per share.
BP said the Gulf of Mexico oil spill payments on a post-tax basis totaled $2.5 billion in the first nine months, while full-year payments are expected to be around $2 billion on a post-tax basis.
$1 equals 5.75 Turkish liras
By Gokce Kucuk