BP reported strong second quarter results, with underlying replacement cost profit rising to $5.7 billion, well ahead of the $2.4 billion reported in the same quarter last year. The performance was driven by higher oil and gas prices and a significant increase in realized refining margins. The company generated $10.9 billion in operating cash flow, while net debt remained stable at $22.3 billion.
Key Highlights
- Underlying replacement cost profit was $5.7 billion, a significant increase from $2.4 billion in the prior-year quarter.
- Operating cash flow for the quarter was robust at $10.9 billion, compared to $6.3 billion a year ago.
- Upstream production for the quarter was 2.201 million barrels of oil equivalent per day (mboe/d), down from 2.300 mboe/d in the prior-year quarter.
- As part of its portfolio simplification, BP announced its intention to launch a sale process for its US biogas business, Archaea Energy.