BP Refining & Marketing triples Q2 profit to $2.08bn

27 July 2010 08:41  [Source: ICIS news]

LONDON (ICIS news)--BP Refining & Marketing's second-quarter profits climbed to $2.08bn compared with a $680m profit in the same period last year on better performance in fuels and stronger margin capture in lubricants and petrochemicals, the energy giant said on Tuesday.

The second-quarter replacement cost profit before interest and tax compared with a profit of $729m for the segment in the first quarter of 2010.

Chemicals production increased to 3.92m tonnes in the quarter from 2.83m tonnes in the second quarter of 2009 and 3.81m tonnes in the first quarter of 2010.

BP reported on Tuesday a $16.97bn replacement cost loss for the second quarter, which included a charge of $32.19bn related to the Gulf of Mexico oil spill.

The group's Exploration & Production profits of $6.24bn were up from the $5.05bn earned in the second quarter of 2009 but were well down on the $8.30bn reported for the first quarter of the current year.

Group sales and operating revenues for the latest quarter were $73.73bn from $54.78bn in the second quarter of 2009 and $73.07bn in the first quarter of 2010.

BP said on Tuesday that its CEO Tony Hayward would step down on 1 October to be replaced by fellow executive director Robert Dudley, who currently is in charge of the company's response to the Deepwater Horizon oil spill.

($1 = €0.77)

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By: Nigel Davis
+44 20 8652 3214

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