BP profit falls 34%

BP's profit fell by 34% to $US3.5 billion in the third quarter due to a decrease in output by 2.3% and lower refining margins. Additionally, ongoing charges related to the Gulf of Mexico oil spill disaster in 2010 have impacted their financial results.

As of the third quarter, BP has incurred charges amounting to $US42.5 billion as a result of the Gulf of Mexico oil spill disaster in 2010.

The article mentions a 2.3% decline in BP's output, which contributed to the overall decrease in profit. Specific factors leading to this decline in output are not detailed in the article.

Lower refining margins reduce the profit BP can make from processing crude oil into refined products. This decrease in profitability from refining operations contributed to the overall 34% drop in BP's profit.

The Gulf of Mexico oil spill continues to have a significant financial impact on BP, with ongoing charges totaling $US42.5 billion. These charges are a major factor in the company's reduced profitability.

The article highlights a 34% drop in profit for BP in the third quarter, indicating a decline compared to previous quarters. However, specific comparisons to earlier quarters are not provided in the article.

Refining margins refer to the difference between the cost of crude oil and the price at which refined products are sold. They are crucial for BP's profitability because they determine how much profit the company can make from its refining operations.

A decrease in output means BP is producing less oil and gas, which directly affects its revenue and profit. In the third quarter, a 2.3% decline in output was one of the factors contributing to the 34% drop in profit.