Aug 1, 2017

BP profits fall in second quarter but beat forecasts

Profits at BP fell by 5 per cent in the second quarter compared with the same period last year as the UK oil and gas group paid the price for a cancelled project in Angola. Profits on a replacement cost basis - the main measure tracked by analysts - was $684m, down from $1.5bn in the first quarter and $720m in the same period last year. Three new projects have come on stream this year in the North Sea, Egypt and Trinidad and Tobago after six start-ups last year, with more to come in the second half in Oman, and again in Trinidad and Egypt. Compensation payments related to Deepwater Horizon nudged up net debt to $39.8bn at the end of the quarter, from $30.9bn a year ago. Chief financial officer, said the figure would begin to drop in the second half of this year as Deepwater Horizon expenses go into decline.

Read the full story

 Related companies

Make a complaint about BP by viewing their customer service contacts.