BP’s second-quarter profit flat

UK-based energy giant and LNG player BP reported a profit of $2.8 billion for the second quarter of 2019, remaining flat comparing to the second quarter of 2018. 

The company said its underlying replacement cost profit, the company’s version of net profit, for the first six months of the year reached $5.2 billion, slipping from $5.4 billion in the first six months of 2018.

Speaking of the results, BP’s CEO Bob Dudley said, “at the midpoint of our five-year plan, BP is right on target. Reliable performance and disciplined growth across our businesses are delivering strong earnings, cash flow and returns to shareholders. And this is also allowing us to grow businesses that can make a significant contribution in the energy transition, helping deliver the energy the world needs with lower carbon.”

Reported oil and gas production for the quarter averaged 3.8 million barrels a day of oil equivalent, 4 percent higher than a year earlier.

Upstream production, which excludes Rosneft, for the first half of the year averaged 2,640mboe/d, 4.2 percent higher than a year earlier.

Looking to the third quarter of 2019, we expect a lower level of turnaround activity and lower industry refining margins.