BP second-quarter profit of $2.8 billion above expectations
FILE PHOTO - Spectators are seen reflected in a British Petroleum sponsors building in Olympic Park at the London 2012 Paralympic Games September 6, 2012. REUTERS/Toby Melville/File Photo
The strong results build on a steady recovery in BP’s recovery following deep cost cuts since the 2014 downturn, a string of project start-ups in recent years and the $10.5 billion acquisition of BHP’s U.S. shale assets late last year. BP’s underlying replacement cost profit, the company’s definition of net income, reached $2.8 billion in the second quarter, exceeding a company-provided forecast of $2.46 billion.Second-quarter production rose to 3.8 million barrels of oil equivalent per day, 4% higher than a year earlier.
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