British Petroleum (BP) recorded $1.3 billion in cost profit in the 2nd quarter of 2015 reflecting a decline from 2014's second quarter figure of $3.6 billion, the company announced in a press release on Tuesday.
BP's cost profit was $2.6 billion in the first quarter of 2015.
The result reflected the impact of continued low oil and gas prices, according to the company. In the second quarter the Brent crude price averaged $62 a barrel, compared with $54 a barrel in the first quarter and $110 a barrel in 2Q 2014.
Bob Dudley, BP’s group chief executive, said 'the external environment remains challenging, but BP moved quickly in response and we continue to do so. Our work to increase efficiency and reduce costs is embedding sustainable benefits throughout the Group and we continue with capital discipline and divestments.”
“In the past few weeks, oil prices have fallen back in response to continued oversupply and market weakness and the recent agreements regarding Iran. I am confident that positioning BP for a period of weaker prices is the right course to take, and will serve the company well for the future,” Dudley underlined.
The company also recorded $6.3 billion operating cash flow in the second quarter of the year while this amount was $7.9 billion last year.
By Nuran Erkul
Anadolu Agency
nuran.erkul@aa.com.tr