BP’s profit down in Q2

A view of BP branded hot air balloon in mid flight in Durango, USA (Image courtesy of BP)

UK-based energy giant and LNG player, BP reported a drop in its second-quarter profit as it took a $750 million charge for an exploration write-off in Angola.

BP’s quarterly underlying replacement cost profit, the company’s definition of net income, was at $684 million in the quarter under review, down from $720 million a year earlier and $1.51 billion in the first quarter this year.

Analysts on average had estimated BP profits of $500 million.

BP’s production rose almosst percent from a year earlier to 2.431 million barrels of oil equivalent per day helped by new project start-ups.

Net debt totaled $39.8 billion at the end of June, up almost $9 billion in a year, due to continuing payments for the 2010 Gulf of Mexico disaster.

“We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency and discipline in capital spending,” said Bob Dudley, chief executive of BP.

BP has “considerable strategic momentum coming into the rest of the year and 2018, with rising production from our new upstream projects and marketing growth in the downstream,” he added.

 

Share this article

Follow LNG World News

Posted on August 1, 2017 with tags .

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The 6th CWC China LNG & Gas International Exhibition & Summit

Following on from LNG 2019 and five successful editions in Beijing, the established China LNG & Gas International Exhibition & Summit…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >