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BP profits plunge 44% in second quarter

Profits at oil giant BP have fallen by 44%

Profits at oil giant BP have fallen by 44% to $720 million (£549 million) in the second quarter.

BP boss Bob Dudley said the slump in underlying replacement cost profit - the benchmark industry measure - was impacted by lower oil and gas prices and significantly lower refining margins.

He added that this was partly offset by the "benefit of lower cash costs throughout the group," along with lower exploration write-offs, but said that the oil group is focused on growth.

We are delivering significant improvements to the business that will stick at any oil price.

We are now well down the path of transforming our business to compete, whatever the future holds.

– BP boss Bob Dudley
  • BP also booked a $2.8 billion (£2.1 billion) charge linked to costs associated with the Deepwater Horizon oil spill
  • The total cost of the 2010 disaster in the Gulf of Mexico now stands at around $61.6 billion (£46.9 billion), with BP saying it has drawn a line under the payouts.