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BP Swings To Profit In Q2

BP plc (BP.L,BP_UN.TO,BP), on Tuesday, reported strong Q2 results and continued net debt reduction in an improving environment.

Second-quarter profit for the period attributable to bp shareholders was $3.12 billion compared to a loss of $16.8 billion last year.

Underlying RC profit for the quarter amounted to $2.8 billion versus a loss of $6.7 billion incurred a year ago. Underlying RC profit per ADS was $0.83 compared to a loss of $1.98 per ADS reported in the prior year period.

Total revenues and other income surged to $37.6 billion from $20.8 billion generated in the same period of last year.

Net debt fell to $32.7 billion at the end of the second quarter.

Looking ahead, the company expects Q3 reported upstream production to be higher than the second quarter reflecting the completion of seasonal maintenance activity and the ramp-up of major projects.

For full year 2021, BP projects reported upstream production to be lower than 2020 due to the impact of the ongoing divestment programme.

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