FILE PHOTO – Spectators are seen reflected in a British Petroleum sponsors building in Olympic Park at the London 2012 Paralympic Games September 6, 2012. REUTERS/Toby Melville/File Photo
(Reuters) – BP (BP.L) reported $2.8 billion in second-quarter profit on Tuesday, unchanged from a year earlier, held back by lower oil prices.
BP’s underlying replacement cost profit, the company’s definition of net income, exceeded a forecast of $2.46 billion, according to a company-provided survey of analysts.
Second-quarter production rose to 3.8 million barrels of oil equivalent per day, 4% higher than a year earlier.
BP said it expects third-quarter 2019 reported production to be lower than second-quarter, reflecting maintenance activities as well as the impact of Hurricane Barry on operations in the US Gulf of Mexico.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty