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| BP reports worst profit in ten years following Deepwater Horizon fines and plunging oil price | BP reports worst profit in ten years following Deepwater Horizon fines and plunging oil price |
| (35 minutes later) | |
| BP's second quarter profits have been hit by a $9.8 billion (£6.3 billion) charge over the 2010 Deepwater Horizon disaster. | BP's second quarter profits have been hit by a $9.8 billion (£6.3 billion) charge over the 2010 Deepwater Horizon disaster. |
| The company said its underlying replacement cost profit, defined as its net income, was $1.3 billion. THis fell short of estimates for $1.64 billion and behind the $3.6 billion it reported last year, reflecting its lowest profit in ten years, according to Bloomberg. | |
| The result also reflected the impact of the low oil and gas prices, a reduced contribution from its stake in Russia's Rosneft, and one-off charges arising from circumstances in Libya, the company said in a statement. | The result also reflected the impact of the low oil and gas prices, a reduced contribution from its stake in Russia's Rosneft, and one-off charges arising from circumstances in Libya, the company said in a statement. |
| Oil prices have slid since reaching a peak of $115 dollar a barrel last June as a result of a global supply glut. Brent crude was earlier down 32 cents at $53.15, having been below $53. | Oil prices have slid since reaching a peak of $115 dollar a barrel last June as a result of a global supply glut. Brent crude was earlier down 32 cents at $53.15, having been below $53. |
| The London-listed firm lowered its expectations for full-year capital spending to below $20 billion having already slashed investment by 13% earlier this year in the wake of the price slump. | The London-listed firm lowered its expectations for full-year capital spending to below $20 billion having already slashed investment by 13% earlier this year in the wake of the price slump. |
| The dividend was maintained at 10 cents per share. | The dividend was maintained at 10 cents per share. |
| Bob Dudley, BP's chief executive, said: “The external environment remains challenging, but BP moved quickly in response and we continue to do so. | Bob Dudley, BP's chief executive, said: “The external environment remains challenging, but BP moved quickly in response and we continue to do so. |
| Shares in BP were up almost 0.8% at 390.05p in early trading. | Shares in BP were up almost 0.8% at 390.05p in early trading. |
| Earlier this month BP reached a record $18.7 billion settlement with the US government and five US states over damages claims relating to the massive oil spill at its Deepwater Horizon rig five years ago. | Earlier this month BP reached a record $18.7 billion settlement with the US government and five US states over damages claims relating to the massive oil spill at its Deepwater Horizon rig five years ago. |
| An explosion during drilling at its Macondo prospect killed 11 workers and sent around 5 million barrels of oil flooding into the Gulf of Mexico, making it the worst such event to ever take place in US waters. | An explosion during drilling at its Macondo prospect killed 11 workers and sent around 5 million barrels of oil flooding into the Gulf of Mexico, making it the worst such event to ever take place in US waters. |
| Additional reporting by Reuters | Additional reporting by Reuters |