BP said it expects the global slump in refining margins will see it take a $400 million to $600 million hit to its profits after Shell made a similar warning this week

BP said a drop in refining margins would reduce its third-quarter profit by $400 million to $600 million from the previous three months.

BP warned that weaker refining margins will hit third-quarter earnings by $400 million to $600 million as lower oil prices continue to weigh on the energy sector.