Business

BP profit better than expected

14:22 pm on 30 October 2013

British oil company BP has posted better than expected results in the three months to September despite the impact of the Deepwater Horizon oil spill.

BP's net profit fell 34% to $3.5 billion in the third quarter, compared with the same period a year ago.

Production outside of the company's Russian operations, fell more than 2% due to BP selling assets during the year, while it was also hit by lower refining margins.

BP has already sold $US 38 billion of assets to pay for the Gulf of Mexico oil spill of 2010, charges incurred by the group as a result of the disaster stand at $US 42.5 billion.

But the company has managed to limit its exposure to what it calls bogus claims by some businesses for economic losses as a result of the disaster in 2010.