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BP Profit Misses as Weak Gas Trading Offsets Strong Oil
BP Plc’s third-quarter profit rebounded from the prior period, but fell short of estimates as weak results in gas marketing offset a strong performance in oil trading. Shares of the company fell 4.1% to 505.2p as of 8:03 a.m. in London. Like its Big Oil peers, BP’s earnings were well below last year’s record levels yet high by historical standards as geopolitical tensions keep energy prices elevated. The huge cash inflows have stimulated a spate of dealmaking, with Exxon Mobil Corp. and Chevron Corp. announcing a pair of acquisitions totaling more than $100 billion over the past month — widening their lead ... (full story)