BP Warns Weak Refining and Oil Trading Will Hurt Q3 Earnings

Weak refining margins and weaker oil trading results are expected to dent BP’s third-quarter profit, the UK-based supermajor warned on Friday. BP is yet another oil major to flag weakness in their refining business for the past quarter, following warnings from Shell and ExxonMobil. Compared to the second quarter, BP expects its Q3 results to have been dented by weaker realized refining margins and a weak oil trading result. The lower refining margins are expected to hit earnings by between $400 million and $600 million, the company said in…