BP posts fall in quarterly profits amid low oil prices
July 29 , 2015
Oil giant BP has posted a steep drop in quarterly profits as lower oil prices continue to take their toll on the industry.
Though the replacement cost profit for the three months to the end of June was $1.31 billion from last year’s $3.63 billion, the company reported a $6.26 billion loss after setting aside $7.5 billion for further costs linked to the Deepwater Horizon disaster.
Earlier this month, BP reached a settlement of $18.7 billion with US authorities over the devastating 2010 oil spill.