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The original was posted on /r/worldnews by /u/Loki-L on 2023-10-31 11:44:10.
BP posts profits of $3.3bn as oil prices rise again
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.bbc.com/news/business-67264120
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Energy giant BP has reported lower than expected profits despite global oil prices rising again.
Its earnings were down from $8.1bn in the same period in 2022 when BP made huge profits following Russia’s invasion of Ukraine, which led to oil prices soaring.
Its latest results are the first to be released after Bernard Looney resigned as the company’s chief executive in September following a review of his personal relationships with colleagues.
But interim chief executive Murray Auchincloss said the quarter had been solid and the company expected to “grow earnings through this decade, and on track to deliver strong returns for our shareholders”.
The company, which is carrying out the projects in partnership with Norway’s Equinor, said it had failed to renegotiate agreements with authorities in an attempt to mitigate the impact of inflation and delays.
A windfall tax is a one-off levy that targets companies who benefit from something they were not responsible for, in this case a sharp rise in oil prices following Russia’s invasion of Ukraine.
The original article contains 598 words, the summary contains 170 words. Saved 72%. I’m a bot and I’m open source!