BP’s Second-Quarter Refining Profit Falls 36% on U.S. Halt |
| Bloomberg - Jul 26, 2011 |
BP Plc’s profit from refining fell 36 percent in the second quarter from a year earlier as a U.S. plant halt prevented Europe’s second-biggest oil company from capitalizing on higher fuel prices in that region.
BP’s replacement-cost profit before interest and tax declined to $1.34 billion from $2.08 billion a year ago, the London-based company said today in a statement.
Inventory losses amounted to $482 million compared with a gain of $225 million a year ago, BP said in the statement. The company’s supply and trading division swung to a “small” loss in the quarter, it said. Sales fell 2.4 percent, with declines in all regions.
The amount of crude oil processed by BP’s U.S. refineries dropped to 1.19 million barrels daily in the second quarter, from 1.35 million barrels a year earlier because of “operational issues” at its Texas City plant following a power outage, BP said. Throughput at all sites declined to 2.25 million barrels a day versus 2.43 million barrels.
Read Full Article from Bloomberg
- Posted: 2011-07-26 11:59:36
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
