Underlying profit at BP for the second quarter of 2012 slumped 35% compared to the same period in 2011, according to results released by the British supermajor today.
The company recorded a headline loss of $1.4 billion compared with a profit of $5.7 billion for the same period in 2011, after taking massive $5 billion impairment on its shale gas assets.
Stripping out impairment on a replacement cost profit basis, BP made $238 million for the quarter, down from $5.4 billion a year earlier. Net debt at the end of the quarter was $31.7 billion, compared with $27.0 billion a year ago.
The results dramatically undershot analysts expectations. Shares are down 2.79% in early trading on the London Stock Exchange to 432p at the time of writing.
