BP’s profits plummet – London Business News | Londonlovesbusiness.com

The oil giant BP has reported their profits have plummeted by almost one third over the quarter to £1.75 billion.

The fall in profits for the FTSE 100 company comes as refining margins weighed on income for the oil giant.

The oil giant reported an underlying replacement cost or £1.75 billion in profits, whilst analysts had predicted for the second quarter £2.15 billion.

The profit is a 30% fall compared to the £2.54 billion in the same period last year.

Chief executive Murray Auchincloss said on Tuesday, “We have made significant progress since we laid out our six priorities earlier this year to make BP simpler, more focused and higher value.

“In oil and gas, we see the potential to grow through the decade with a focus on value over
volume.

“We also have a deep belief in the opportunity afforded by the energy transition – we have established a number of leading positions and will continue high-grading our investments to ensure they compete with the rest of our business.

“I am absolutely clear that the actions we are taking will grow the value of BP.”