Underlying replacement cost profit, the term BP uses for net income, fell to 2.3 billion dollars in the third quarter of the year, 40% below last year’s comparable figure. “BP delivered strong operating cash flow and underlying earnings in a quarter that saw lower oil and gas prices and significant hurricane impacts,” said outgoing chief executive Bob Dudley. He is set to be replaced by Bernard Looney, the Irishman currently in charge of upstream, the BP arm which explores and produces new oil and gas.
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