UK oil titan BP has reported replacement cost profit of $3.87 billion in the third quarter of 2007, a decrease of 45% compared to $6.98 billion in the previous year. For the first nine months of the year, the company reported replacement cost profit of $14.32 billion, down 22% compared to $18.36 billion in the same period of 2006.
The third quarter result included a net non-operating loss of $346 million, compared to a net non-operating gain of $1.23 billion in the third quarter of 2006. For the nine months, the net non-operating gain was $758 million, compared to a net non-operating gain of $1.21 billion for the first nine months of 2006.
The net cash provided by operating activities for the quarter and nine months was $6.4 billion and $20.4 billion, respectively, compared to $5.1 billion and $23.2 billion a year ago.
Capital expenditure, excluding acquisitions and asset exchanges, was $4.6 billion for the quarter and $12.6 billion for the nine months. Total capital expenditure and acquisitions was $4.6 billion for the quarter and $14 billion for the nine months.
Net debt at the end of the quarter was $22.8 billion. The ratio of net debt to net debt plus equity was 20% compared with 16% a year ago.