BP’s profit misses estimates in Q2, down 45% on year
The weaker financial results for the quarter were driven by weak refining margins and low oil prices. BP reported that its refining margins in the second quarter were the weakest for a second quarter since 2010. Downstream earnings also declined to $1.51 billion from $1.87 billion in a year earlier.
The company’s production in the three months ended in June was 2.09 million barrels of oil per day, down 1% from the same period of the previous year. BP reported that its production in the third quarter will witness further declines due to maintenance work and the impact of a plant shutdown at a gas plant in the Gulf of Mexico.
Meanwhile, the company also announced further cuts in its 2016 investment budget below $17 billion.
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