7 Days in Dubai - - BUSINESS -

Oil gi­ant BP says earnings fell 48 per cent in the third quar­ter as the com­pany con­tin­ued to ad­just to lower oil and gas prices. Un­der­ly­ing re­place­ment cost profit fell to $933 mil­lion from $1.8 bil­lion in the same pe­riod last year. The fig­ure, which ex­cludes non-op­er­at­ing items and fluc­tu­a­tions in the value of in­ven­to­ries, is the in­dus­try’s pre­ferred mea­sure. Brian Gil­vary, BP’s Chief Fi­nan­cial Of­fi­cer, said the com­pany con­tin­ues “to make good progress in adapt­ing to the chal­leng­ing price and mar­gin en­vi­ron­ment”. Gil­vary said BP was pre­par­ing for oil prices of $50 to $55 a bar­rel, down from more than $100 a bar­rel in 2014.

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