LONDON— BP PLC reported a fifth consecutive quarterly loss on Tuesday, providing the first glimpse of how major oil companies navigated the third quarter amid a prolonged slump in demand triggered by the coronavirus pandemic.
The loss follows one of the worst second quarters ever for the sector, in which BP halved its dividend and cut jobs. In the third quarter, oil prices stabilized at around $40 a barrel after diving earlier in the year. Still, prices remain around a third below where they were in the same period a year earlier.
BP’s earnings also suffered from lower refining margins and weaker trading results. Trading had provided a bright spot in the previous quarterly earnings for BP, Royal Dutch Shell PLC and Total SE , but lower volatility in the quarter ended Sept. 30 reduced trading opportunities.
Other major oil companies are expected to report another weak quarter, with Shell and Exxon Mobil Corp. having already flagged expected losses in their oil-and-gas production businesses in recent weeks.
Shell is due to report its earnings on Thursday, followed by Chevron Corp. and Exxon on Friday.
