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RC profit (loss), underlying RC profit, operating cash flow excluding Gulf of Mexico oil spill payments and working capital are non-GAAP measures. These measures and underlying production, Solomon availability, inventory holding gains and losses, non-operating items and fair value accounting effects are defined in the Glossary on page 32.

• Financial results
  
  • Underlying replacement cost profit for the third quarter of 2019 was $2.3 billion, compared to $3.8 billion a year earlier. The result was impacted by significantly lower Upstream earnings, resulting from lower prices, maintenance and weather impacts. 
  • A divestment-related, non-cash, non-operating after-tax charge of $2.6 billion resulted in a reported loss for the quarter of $0.7 billion. 
  • Operating cash flow, excluding Gulf of Mexico oil spill payments, was $6.5 billion for the quarter, including a $0.1 billion working capital release (after adjusting for net inventory holding losses). Gulf of Mexico oil spill payments were $0.4 billion on a post-tax basis. 
  • A dividend of 10.25 cents per share was announced for the quarter. Scrip dividend alternative suspended for the third quarter. 
    
• Upstream operations impacted by maintenance and weather, Downstream strong
  
  • Reported oil and gas production for the quarter averaged 3.7 million barrels of oil equivalent a day, compared to 3.6 million barrels of oil equivalent a day a year earlier. 
  • Underlying Upstream production, excluding Rosneft, was down 2.5% from a year earlier, reflecting maintenance across a number of regions and weather impacts in the US Gulf of Mexico. 
  • The Downstream delivered strong operations with overall 96% Solomon availability for the quarter, and record crude was processed at the Whiting and Cherry Point refineries in the US. 
    
• Divestments ahead of schedule, Downstream expansion in fast-growing markets 
  
  • Following the agreement to sell all BP’s interests in Alaska to Hilcorp Energy, divestment transactions announced in 2019 totalled $7.2 billion at the end of the third quarter. BP expects this to reach around $10 billion by year end. 
  • In the Downstream, BP continued its strategic delivery in new markets, announcing joint ventures in fuels marketing in India and electric vehicle charging in China. 
  • In the quarter BP announced that it will deploy continuous measurement of methane emissions on all its future major operated oil and gas processing projects.