Troubled energy giant BP rocked by profits slump

British energy giant BP, reeling from fatal safety errors and a boardroom scandal, said on Tuesday that third-quarter profits slumped owing to lower output, weak United States gas prices and refinery outages.

Net profit on a replacement-cost basis plunged 44,5% from a year earlier to $3,87-billion in the three months to September.

The replacement-cost figure, which excludes the effect of changes in the value of oil and gas inventories, is closely watched by the market.

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- Posted: 2007-10-23 10:30:21

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