BP profit rose 25.3% to $3.23B

|About: BP p.l.c. (BP)|By:, SA News Editor

BP's (NYSE:BP) Q2 underlying replacement cost profit, which is equivalent to net profit and strips out inventory gains or losses - rose to $3.64B from $2.71B a year earlier.

Revenue rose to $93.96B from $94.71B a year earlier.

The upstream division's underlying pretax replacement cost profit increased to $4.65B from $4.29B, reflecting benefits of higher production in key regions and higher oil and gas realizations, partly offset by the impact of divestments and higher non-cash costs.

Production fell 6% to 2.1M barrels of oil a day and BP warned that output would fall in Q3 due to turnaround and seasonal maintenance activities.

“This was another successful quarter, delivering both operational progress and robust cash flow. We are continuing to ramp up the major new projects that drive delivery of cash flow and are also now seeing benefits from our focus on operating with greater reliability and efficiency,” BP said.