BP’s Second-Quarter Profit Rises 34%

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July 29 (Bloomberg) –- Bloomberg’s Ryan Chilcote reports earnings for BP, Europe’s third-largest oil company by market value. He speaks to Caroline Hyde and Mark Barton on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

We are getting some break in earnings across the bloomberg terminal.

Let us just build up and get some attention.

We are going to strip out inventories and items.

So the dividend is -- we are going to skip over that for now and we are waiting on for the number.

The other thing that we are watching our costs will stop -- our cause.

They want to see it up.

The net income is adjusted and the big number comes in at 3.6 4 billion and the estimates.

The adjusted net income has gone up and beaten.

Despite the fact that there were european concerns about exposure to this.

Give us a sense of how important this is for bp.

Effectively, is massively important because of a joint venture and they sold the stake and that.

They got a 20% stake and it was 20% of the $80 billion company.

They have seen a 22% decline.

We see oil prices and there was cleared concern about reductions in europe and european prices.

That is an issue and it is not helpful for refining, as well.

This was a good move at the time and this was bob dudley trying to get over all of the problems.

This was the next big move.

There was access to the reserves and the arctic.

They talked about it being a treasure trove.

They have been in the doghouse and the u.s. went to town.

In addition, they have also restricted access to american capital markets to make it more difficult to raise money.

Is there an argument that they will go from 2010 -- is there an argument to be made that they have gone from one pr disaster -- from an investment perspective.

It was celebrated by investors and they had a huge hit.

The company was starting to get back in favor with investors.

You can see that in the share price and the value of the shares of stock that is when we started to bump into trouble.

They are almost completely replacing the problems in the gulf.

Those have not gone away will stop -- gone away.

Is not where it was before the explosion in 2010. they are a couple of pounds below that.

If you are a long-term holder and bp, you are upset.

The share price is down.

If you bought on the dip, you are doing well.

Before we come back to russia, the cost is $42.7 billion.

It is interesting to break into these numbers because they said that the underlying net income was a quarter billion dollars and bp received $700 million in july.

They sound relatively positive involved of the minutes statement that they are on track to meet the target and that underpins the long-term argument.

They reported earnings and beat expectations, this fight all the talks of sanctions stop it was very profitable.

It is $30 billion of sales and it is the biggest publicly-traded oil producer.

The production chain and at 2 billion barrels of oil.

It is down and it shows that the issue of maintaining production levels is a problem for oil companies.

To put things in perspective, they mention the cost of the golf and this is probably that.

They keep it.

It 10 billion by the end of the year.

They killed and it is a pretax charge.

They are reporting the

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