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BP posts strong Q3, will increase investment in upstream
30 Oct '12
3 min read
BP’s downstream segment delivered record quarterly underlying earnings. Strong operational performance in the fuels business – with refining throughputs at the highest level for seven years – captured the benefits of the quarter’s notably high refining margins. Contributions from supply and trading also returned to more normal levels.
Refining margins are expected to decline in the fourth quarter in line with seasonal trends. Refining throughput is also expected to be lower due to turnarounds and the start of a transitional outage to replace the largest of three crude units at our Whiting refinery, as part of the major upgrade project.
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