BP Profits Slump

BP has reported a sharp fall in profits in the second quarter of the year.

This comes after the oil giant was forced to cut the value of a number of its key assets.

The replacement cost profit was $238m (£151m) in the April to June quarter compared to last years $5.4bn profit.

The company cut the value of its US shale gas assets and a number of its refineries.

BP chief executive Bob Dudley said: "We recognise this was a weak earnings quarter, driven by a combination of factors affecting both the sector and BP specifically.

"Rebuilding trust with our shareholders and other stakeholders is vitally important.

"We are making progress against the critical strategic and operational targets we have set ourselves, and are confident that this will deliver long-term, sustainable value."

Shares in BP were dipped by 3% in early trading in London.


Related UK National News Stories
Click here for the latest headlines.

27 October 2009
BP Profits Cut By Half
One of the world's largest oil companies, BP has reported a huge drop in profits. While the 2009 third quarter profits are still more than £3bn, the figure is down a startling 50% on the same period last year.
26 July 2005
BP reports record half-year profits
BP has reported record profits of $10.7 billion (£6 billion) for the first half of 2005. This represents a massive hike in profits for the comparable period for 2004 as the oil giant benefits from a rising demand for oil around the world.
24 October 2006
BP announces third quarter profits boost
BP has announced a 58 per cent profit rise in its third quarter due to asset sales. The world's second-largest oil company earned $6.9bn (£3.7bn) - a rise from $4.41bn last year. BP also scrapped its 2006 oil and gas production target, saying it would produce only 3.
29 April 2003
BP posts record first-quarter profits
BP's first-quarter results have revealed record profits, as the war in Iraq and political instability in two other oil producing countries forced up oil prices. The results showed a $3.73 billion profit in three months, exceeding the previous best quarterly profit posted in 2001.
29 April 2008
Profits Soar At BP And Shell
Oil giants Royal Dutch Shell and BP have made massive combined profits of more than £7 billion over the last three months. The companies continue to benefit from higher oil and gas prices. BP reported first quarter profits of £3.32 billion and Shell recorded profits of £3.92 billion.