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.
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