BP falls into quarterly loss

BP slid into a net loss during the third quarter on a huge charge linked to the sale of assets, including its Alaskan business, the British energy giant said Tuesday. The London-listed business posted a loss after tax of $749 million (675 million euros) in the three months to September 30, compared with net profit of $3.35 billion in the third quarter of 2018, it said in a statement. BP added that it took a hit of $2.6 billion, having flagged a charge of $2-3 billion earlier this month.

However, the underlying picture was somewhat rosier despite a poor performance at its upstream division, which comprises exploration and production - and being hurt by weaker oil prices in the reporting period. Replacement cost profit, a widely-watched measure which strips out exceptional items and changes in the value of oil inventories, stood at $2.3 billion, down from $3.8 billion a year earlier. BP had already revealed earlier this month that it would take a major hit this quarter, largely as a result of the $5.6-billion sale of its Alaska business to Hilcorp.