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31/07/2012
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.
(GK)
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.
(GK)
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