| BP plunges into net loss on $5b write-down |
LONDON British energy giant BP said on Tuesday that it plunged into a second-quarter net loss, hit by lower output, falling oil prices and a near $5-billion (4.1-billion-euro) write-down on the value of assets.
BP made a loss after tax of $1.39 billion in the three months to June, compared with net profit of $5.72 billion in the year-earlier period, it said in a results statement. The energy major was hit by an impairment charge of $4.78 billion on the value of US assets, including certain refineries, shale gas assets and its decision to suspend the Liberty offshore oil project in Alaska.
Total production fell 7.4 per cent to 2.28 million barrels of oil equivalent a day on the back of asset sales and a heavy maintenance programme in the Gulf of Mexico. Revenue dipped 8.0 per cent to $94.89 billion. “We recognise this was a weak earnings quarter, driven by a combination of factors affecting both the sector and BP specifically,” chief executive Bob Dudley said in the statement. “The effects of price movements have impacted our earnings in the quarter,” he added.
Agencies
|
 |
|
|
| NEWS UPDATES |
|
|
|
|
|
|
