Oil giant in profits warning after hurricanes
BP today warned that Hurricanes Katrina and Rita may knock more than £400m (€589m) off profits in the third quarter of the year.
The oil giant, which announced first-half profits of £6bn (€8.8bn) in July – or £1.4m (€2m) an hour – said trading conditions for the three months to the end of September were “significantly impacted” by the hurricanes and their aftermath.
While production is expected to be lower than the previous quarter, BP said the average Brent crude oil price achieved during the last three months was up by $10 a barrel to $61.63.
