British oil giant BP's profits shrank to $206 million in the third quarter of the year, compared with $4.9 billion a year earlier, according to the latest company figures, published on Tuesday.
The main reasons for the slide included lower refining margins, mediocre sales and asset write-downs, against a backdrop of falling prices.
BP had warned in a press release on 11 October that it was pessimistic about its results for the quarter, especially in comparison with the "very good results" recorded for the same period last year.
The group is not much more positive about the fourth quarter, saying it expects refining margins to "remain weak" and production to "be lower" than in the previous quarter.
While oil prices were boosted at the end of the third quarter by renewed tension in the Middle East, they are structurally held back by weak demand from China, the world's largest importer of crude oil, and by forecasts of abundant production in 2025.
Looking ahead to the longer term, BP CEO Murray Auchincloss said the oil giant saw an opportunity to grow throughout the decade in the oil and gas sector by focusing deeply on the opportunities offered by the energy transition.
The company's debt also increased over the period under review, due to the impact of lower refining margins but also because it postponed to the fourth quarter the recording in its accounts of a credit of around $1 billion linked to divestments.
The debt now stands at $24.3 billion, compared with $22.6 billion at the end of the second quarter.
