• BP second-quarter profit of $2.8 billion above expectations

    BP reported $2.8 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.

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