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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian ethylene-naphtha spread at almost 7-year low
- European PVC defies global uptrend
- Turkey’s PP, PE markets at a standstill amid lingering downturn
- PVC downturn persists in China’s local market despite bullish imports
- China's PP market at almost 2-year low; H2 outlook bearish
- Asian spot ethylene market plunges to decade low
- Early July expectations emerge softer in Europe’s PP market
- Import PE prices fall to lowest in more than a decade across Asia
- Tightness pushes Asian PVC markets to 3-month high
- China’s PE market continues bearish run on sluggish demand