Blog: Lower oil prices cut BP profits

Lower oil prices in the global downturn have led to second-quarter profits at BP more than halving from a year ago.
Its replacement cost profit between April and June was $3.1bn (￡1.9bn), down 53% from $6.75bn a year earlier.
Oil prices have hovered at between $60 and $70 a barrel recently – well off the high of $147 seen last July, but up from the $30 lows of earlier this year.
Chief executive Tony Hayward said the firm expected the global economic recovery to be “long and drawn out”.
‘We are in turbulent times, volatile and uncertain. But we continue to steer a steady course through choppy waters,” he added.