BP reported a 45 per cent fall in third-quarter replacement-cost profit to $3.867 billion (€2.7 billion).
Although lower than the same period last year, BP's underlying profits were towards the top end of analysts' forecasts, helped by a lower tax rate.
The drop in profits was due to lower oil and gas production, problems at its refining division and fewer asset sales, which had flattered the year-earlier result.
BP, which recently outlined a restructuring plan, said the slide in production would end in the fourth quarter and that troubled refineries would come back on stream as predicted.
BP's shares traded up 0.1 per cent at 605-1/2 pence earlier today, matching the rise in the DJ Stoxx European oil and gas sector index.
BP said production of oil and gas fell 4 per cent to 3.65 million barrels of oil equivalent per day (boepd), due to asset sales and natural field decline not being matched with new start-ups after key projects were delayed.
Analysts had forecast production of 3.70 million boepd.