BP reports second quarter fall in profits on low oil price

BP reports second quarter fall in profits on low oil price

The UK-based BP Group has reported a loss based on the low oil price and settlement of the Deepwater Horizon disaster…

A drastic fall in profits has been announced by the company, reflecting the impact of continued lower oil prices, reduced contributions from majority Russian government owned Rosneft , one-off charges incurred due to increased tension in Libya, and the settlement that has finally been reached over the Deepwater Horizon oil spill in 2010.

Underlying replacement cost profit (RCP) stood at $1.3 billion in the second quarter, compared to $2.6 billion for 1Q and $3.6 billion over the equivalent period […]