LONDON (AFP) – British energy major BP said Tuesday that second-quarter net profit slumped 53 percent to 4.39 billion dollars (3.07 billion euros) due to falling oil prices and despite higher output.
Stripping out oil inventories held, net profit was also down 53 percent to 3.14 billion dollars in the three months to the end of June, BP said in a results statement.
That compared with 6.75 billion dollars in the same period of 2008 when oil had struck record highs above 147 dollars per barrel. Prices have since tumbled in the global slowdown but in recent weeks have come of their lows to trade close to 69 dollars.
Daily production climbed four percent to 4.005 million barrels of oil and gas in the second quarter, due largely to the startup of the 300,000-barrel-per-day Thunder Horse field in the Gulf of Mexico.
Group revenues fell to 56.56 billion dollars in the second quarter from 110.98 billion dollars.
BP said it has already achieved its goal of cutting costs by 2.0 billion dollars in 2009 -- and expected to slash another 1.0 billion dollars