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Quarterly profit of BP decreased, new projects support extraction

The profit of British BP declined in the second quarter.

01.Aug.17 1:55 PM
By Daria Zaytseva


Quarterly profit of BP decreased, new projects support extraction

While surpassing the forecasts of analysts, after the write-off due to unsuccessful exploration in Angola, while oil and gas production rose sharply due to the launch of new projects.

Despite a significant slowdown in the industry after the fall in oil prices in 2014, BP is preparing to launch seven oil and gas projects in 2017 - the maximum amount per year in the history of the company.

The production of BP grew by 9.9 percent in annual terms, reaching 2.431 million barrels of oil equivalent per day thanks to some of these projects.

The company said that the level of production in the third quarter will remain almost unchanged, as the launch of new projects compensates for the impact of the planned repair period.

The basic profit of BP, taking into account the cost of recovering reserves, which corresponds to net profit, was $ 684 million, exceeding the forecast of analysts polled by the company at $ 500 million.

This is lower than last year's figure of $ 720 million and $ 1.51 billion in the first quarter.

The company recorded a write-off of $ 750 million in the balance sheet over the period, due to the unsuccessful exploration campaigns in Angola.

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