LONDON — Oil major BP on Tuesday reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry.
The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.6 billion.
Analysts had expected BP to report second-quarter profit of $3.5 billion, according to estimates collated by Refinitiv.
Oil majors have failed to match the bumper profits posted during the same period of last year amid weaker commodity prices.
British rival Shell and French oil major TotalEnergies on Thursday reported a steep drop in second-quarter profit, while U.S.-based Exxon Mobil's second-quarter profit slumped 56% year-on-year.
Persons:
Refinitiv, we've, Bernard Looney, CNBC's
Organizations:
Oil, BP, London, Shell, Exxon Mobil's
Locations:
U.S