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BP second-quarter profit of $2.8 billion above expectations

BP second-quarter profit of $2.8 billion above expectations
FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo GLOBAL BUSINESS WEEK AHEAD -
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Arnd Wiegmann(Reuters)
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(Reuters) – BP <BP.L> reported $2.8 billion (£2.3 billion) in second-quarter profit on Tuesday, unchanged from a year earlier, held back by lower oil prices.

BP’s underlying replacement cost profit, the company’s definition of net income, exceeded a forecast of $2.46 billion, according to a company-provided survey of analysts.

Second-quarter production rose to 3.8 million barrels of oil equivalent per day, 4% higher than a year earlier.

BP said it expects third-quarter 2019 reported production to be lower than second-quarter, reflecting maintenance activities as well as the impact of Hurricane Barry on operations in the US Gulf of Mexico.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty)

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