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BP profits fall due to energy price hike

by LLB Editor
1st Aug 23 8:55 am

BP today reported a big drop in profits in the first half of its financial year, thanks to energy prices falling from the highs seen after Russia‘s invasion of Ukraine.

The oil and gas giant reported net profits of just over $2.5bn (£2bn) for the three months to the end of June.

Chief executive Bernard Looney said it was a “resilient” performance, “during a period of significant turnaround activity and weaker margins in our refining business”.

“This reflects confidence in our performance and the outlook for cash flow, as well as continued progress reducing our share count,” he said.

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