The company reported lower-than-expected profits of $4 billion, coming in at $3.3 billion (£2.7 billion) from July to September.

The company’s earnings decreased from $8.1 billion during the same period in 2022, when BP made enormous profits as a result of Russia’s invasion of Ukraine, which drove up oil prices.

While still lower than during that time, oil prices have recently increased.

BP reported that although oil production was robust, gas trading had declined recently.

The most recent results are the first to be made public since September, when Bernard Looney stepped down as CEO of the business after his personal relationships with coworkers were examined.

After leading the business since 2020, Mr. Looney announced his resignation today.

BP CEO sacked after board was misinformed about relationships
Although BP’s earnings