BP's Q2 Profit Less Than Expected

BP Plc posted a 1 % drop in quarterly post-tax profit to $6.087 billion as production fell and refinery outages prevented the oil giant from taking full advantage of near-record refining margins.

BP said in a statement that the drop in its second-quarter replacement cost net profit would have been larger had it not been for non-operating gains totalling $741 million, largely from the sale of oil fields and a UK refinery.