BP Q2 Replacement Cost Loss Narrows - Quick Facts

(RTTNews) - BP plc. (BP.L, BP_UN.TO, BP) reported Tuesday that its second-quarter replacement cost loss was $2.25 billion, narrower than last year's loss of $6.27 billion. Loss per share was 12.03 cents and loss per ADS was $0.72. This is compared to last year's loss per share of 34.25 cents and loss per ADS of $2.05.

Including fair value accounting effects and inventory gains, loss for the period was $1.42 billion, narrower than last year's loss of $5.82 billion.

BP has taken a net post-tax non-operating charge in the quarter of $2.8 billion. This includes a pre-tax non-operating charge of $5.2 billion associated with the Deepwater Horizon liabilities and other positive tax credits.

On an underlying replacement cost basis, BP reported profit for the second quarter of $720 million, compared to $1.3 billion for the second quarter of 2015.

Sales and other operating revenues declined to $46.44 billion from prior year's $62.05 billion.

Further, the company announced an unchanged dividend for the quarter of 10 cents per ordinary share or $0.6 per ADS, expected to be paid in September.

BP said it expects planned new Upstream projects to add 800,000 barrels of oil equivalent a day of production by 2020. Of these, projects with 500,000 boe/d of new production capacity are expected to be in place by the end of next year - these projects are on average already 70% complete and ahead of both schedule and budget.