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BP Profit Sinks as Lower Oil, Weak Refining Strain Industry

  • Refining margins were lowest for the second quarter since 2010
  • Third-quarter oil and gas output will fall amid maintenance
Bloomberg business news

BP Profit Tumbles on Prices, Weak Refining Margins

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BP Plc posted a 45 percent slump in earnings, pointing to a poor set of results from the industry as oil production barely breaks even and profits from refining sputter.

The U.K. company, the first oil major to report second-quarter results, said adjusted profit dropped to $720 million from $1.3 billion a year earlier, missing analyst estimates. Weak refining margins weighed on the downstream result.