BP’s Profit Sinks Amid Weak Oil Market

British Petroleum reported a 39% decline in quarterly profit, blaming weaker oil prices, but the London-based company said its proposed acquisition of Amoco Corp. remains on schedule. U.S. oil makers also have reported weaker profits for the third quarter amid a decline in crude oil prices by about one-third. BP earned $686 million before adjusting for special items, or 71 cents per U.S.-listed share, compared with $1.13 billion, or $1.18, in the same quarter a year ago. Revenue plunged 18.5% to $15.2 billion. In August, BP agreed to acquire Amoco in a deal worth $58 billion, which would be the largest industrial merger in U.S. history. The deal, which is awaiting regulatory and shareholder approval, is on track for completion by the end of the year, the company said. BP’s American depositary receipts rose $1.13 to close at $90.31 on the New York Stock Exchange.