BP Profit Beats Market Views Despite Weaker Refining Margins
By Christian Moess Laursen
BP's second-quarter profit rose, beating market forecasts, despite significantly lower refining margins.
The London-based oil-and-gas giant on Tuesday booked an underlying replacement-cost profit of $2.76 billion for the second quarter, up from last year's $2.59 billion and ahead of a market consensus of $2.54 billion.
The metric, preferred by BP and comparable to the net income that U.S. oil companies report, reflects the replacement cost of supplies and excludes exceptional items and any movement in value of the company's oil-and-gas inventory.
The rise reflected an average gas marketing and trading result, significantly lower realized refining margins, stronger fuels margins and lower taxation, BP said.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
July 30, 2024 02:29 ET (06:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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