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| BP profits down 21% as oil giant hit by Russia problems | BP profits down 21% as oil giant hit by Russia problems |
| (about 1 hour later) | |
| The falling value of the rouble and lower oil prices have hit profits at oil giant BP. | The falling value of the rouble and lower oil prices have hit profits at oil giant BP. |
| The company made $3bn (£1.86bn) in the July-to-September period, down from $3.7bn for the period last year. | The company made $3bn (£1.86bn) in the July-to-September period, down from $3.7bn for the period last year. |
| BP, a big investor in Russia through its 20% stake in Rosneft, said the depreciation of the rouble against the dollar dragged down profits. | |
| Net income from Rosneft fell to $110m, from $808m in the same quarter last year. | Net income from Rosneft fell to $110m, from $808m in the same quarter last year. |
| Lower Urals oil prices also hurt profits, BP said in a statement. | Lower Urals oil prices also hurt profits, BP said in a statement. |
| Also on Tuesday, Rosneft unexpectedly delayed publication of its own third-quarter profit figures. The company, which is feeling the impact of Western sanctions over Ukraine, did not give a reason. | Also on Tuesday, Rosneft unexpectedly delayed publication of its own third-quarter profit figures. The company, which is feeling the impact of Western sanctions over Ukraine, did not give a reason. |
| 'On track' | 'On track' |
| During the quarter, BP paid out another $314m related to the fatal Deepwater Horizon oil rig explosion and subsequent massive oil spillage in the Gulf of Mexico. | During the quarter, BP paid out another $314m related to the fatal Deepwater Horizon oil rig explosion and subsequent massive oil spillage in the Gulf of Mexico. |
| The payment brings to $20bn the cumulative charges for the disaster. | The payment brings to $20bn the cumulative charges for the disaster. |
| Despite the fall in profits, chief executive Bob Dudley was upbeat about the performance. | Despite the fall in profits, chief executive Bob Dudley was upbeat about the performance. |
| "Growing underlying production of oil and gas and a good downstream [refining oil] performance generated strong cash flow in the third quarter, despite lower oil prices. This keeps us well on track to hit our targets for 2014," he said. | "Growing underlying production of oil and gas and a good downstream [refining oil] performance generated strong cash flow in the third quarter, despite lower oil prices. This keeps us well on track to hit our targets for 2014," he said. |