BP has reported a steep decline in profits for the quarter ending June as lower oil prices continue to hurt.

Replacement cost profit was recorded at $1.31bn (£841m) compared with $3.63bn the previous year.

Having set aside $7.5bn for further costs relating to the Deepwater Horizon oil spill in 2010, BP recorded a loss of $6.26bn.

The results come at a time of continued uncertainty for the oil industry companies, as oil prices are more than 50{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} lower than last year.

Lower oil prices are not only hurting profits of the major oil firms, but also cutbacks have been necessary on investment in exploration.


Source: BBC Business News