BP Profit Misses Estimates on Gulf of Mexico Slowdown
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BP Plc, Europe’s second-biggest oil company, reported earnings that missed analyst estimates after field maintenance in the Gulf of Mexico, Angola and the North Sea cut production.
Net income of $5.6 billion in the second quarter compared with a record $17 billion loss a year earlier, the London-based company said today in a statement. Adjusted for one-time items and changes in inventory, profit was also $5.6 billion, compared with an average estimate of $5.9 billion in a Bloomberg survey of 12 analysts.