Energy

BP reports $6.7 billion second-quarter loss after major write downs, cuts dividend

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A BP company logo at a gas station in London, U.K.

Chris Ratcliffe | Bloomberg | Getty Images

Energy giant BP reported a significant loss for the second quarter on Tuesday, after downgrading the value of some of its assets on expectations of lower commodity prices.

Second-quarter underlying replacement cost profit, used as a proxy for net profit, came in at a loss of $6.7 billion, meeting expectations of analysts polled by Refinitiv. That compared with net profit of $2.8 million for the same period a year earlier.

BP also announced that it had halved its dividend to 5.25 cents per share for the quarter, compared to 10.5 cents per share for the first three months of the year.

The reported…



Source cnbc.com

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