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BP posts Q2 loss as out, oil and gas prices all fall; additional provision for Gulf of Mexico
LONDON (AP) ¯¯¯ Oil company BP has reported a loss of $1.4 billion pounds for the second quarter on the back of lower prices for oil and gas as well as reduced output.
BP reported Tuesday that its net loss compared to a net profit of $5.7 billion a year earlier. Revenue was down 9 percent at $95 billion.
The company also made an additional provision of $847 million for the Gulf of Mexico oil rig disaster and cleanup, taking the total provision to just over $38 billion.
Underlying replacement cost profit for the period was $3.7 billion, down from $5.7 billion a year earlier. The adjusted figure excludes non-operating items and accounting effects.