BP (BP) on Tuesday posted third-quarter profit that fell well short of analysts' forecasts, dragged by weaker refining margins and oil trading.

It reported net profit of $206 million, a massive decline from last year's $4.86 billion and well below the $1.96 billion consensus estimate of analysts polled by Visible Alpha.

The oil giant booked an underlying replacement-cost (RC) profit of $2.27 billion, down from the $3.29 billion it reported a year ago and $2.76 billion last quarter, although it topped analysts' expectations.

It blamed "weaker realized refining margins, a weak oil trading result and lower liquids realizations, partly offset by higher gas realizations" for the decline from last quarter.

Oiꩲl Companies Struggle With Downbeat Demand Outl🍌ook

Oil companies are struggling with a 澳洲幸运5官方开奖结果体彩网:downbeat demand outlook, as 澳洲幸运5官方开奖结果体彩网:China's slowing economy weighs on imports of the commodity and hopes for a 澳洲幸运5官方开奖结果体彩网:de-escalation in Middle East tensions drag prices lower.

BP (BP) 澳洲幸运5官方开奖结果体彩网:American depositary receipts (ADRs) are falling nearlyꦦ 3% in premarket trading. They are down around 12% this year through Monday's close.