BP reported that profit for its Castrol lubricants business rose 23% because of higher margins, and Luberef reported a 28% drop in net profit for the third quarter due to a decrease in base oil margins.
Castrol
BP reported that the underlying replacement cost profit before interest and tax for its Castrol unit rose to $185 million for the quarter ending Sept. 30, compared to $151 million in the same period last year.
Capital expenditure for the Castrol unit rose 30% to $60 million, compared to $42 million.
BP’s overall profits in the third quarter rebounded to $4.9 billion, compared to a $2.2 billion loss.
Luberef
Luberef, formally known as Saudi Aramco Base Oil Co., reported net profit of 340.4 million riyals (U.S. $94.8 million) for the third quarter, a 28% drop from 474.8 million riyals.
Operating profit for the quarter fell 38% to 355.6 million riyals, from 570 million riyals.
Luberef’s sales revenue decreased 2% to 2.5 billion riyals in the third quarter.