BP’s Q2 profit down after crude oil slump
BP reached an $18.7 billion agreement with the U.S government as well as with the five damaged states. BP’s net income, meanwhile, stood at $1.3 billion, below analysts’ preliminary forecasts of $1.64 billion.
Downstream, the company posted a replacement cost profit of $1.63 billion, up from $933 million a year earlier. However, this level was down from the $2.08 billion profit seen in the first quarter of 2015. BP’s upstream operations posted a replacement cost profit of $228 million, down from $4.05 billion in the same period of the previous year and from $372 million in the first quarter. The company’s global refining margin benchmark increased to $19.40 a barrel from $15.55 a year earlier and from $15.30 in the January-March period.
Meanwhile, BP’s net cash flow significantly increased to $6.3 billion from $1.9 billion in the first quarter while the company sold $7.4 billion of assets during the second quarter.
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