Oil major BP attempted to reassure investors that it will be able to maintain its dividend, as it unveiled a 40% drop in underlying profits over the last quarter. In the three months to the end of September, BP's profit fell to $1.8bn (£1.2bn) significantly lower than the $3bn reported in the same period last year. The results are a direct impact of collapsing oil prices: Brent crude has fallen from $90 a barrel a year ago to roughly $47 today.
BP's chief executive, Bob Dudley, said that the company can maintain the dividend if prices recover to $60 a barrel by 2017. Even if they remain lower, the firm could weather the storm by further cutting costs, he claimed. BP has already made $3bn in cost savings this year, including laying off staff: headcount will have fallen by 4,000 by year end.
What the commentators said
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