BP Plc posted a 1 % drop in quarterly post-tax profit to $6.087 billion as production fell and refinery outages prevented the oil giant from taking full advantage of near-record refining margins.
BP said in a statement that the drop in its second-quarter replacement cost net profit would have been larger had it not been for non-operating gains totalling $741 million, largely from the sale of oil fields and a UK refinery.
* BP's second quarter replacement cost profit was $6,087 million, compared with $6,118 million a year ago, a decrease of 1%. For the half year, replacement cost profit was $10,448 million compared with $11,383" million, down 8%.
* The second quarter result included a net non-operating gain of $741 million compared with a net non-operating gain of $6 million in the second quarter of 2006. For the half year, the net non-operating gain was $1,104 million compared with a net non-operating charge of $11 million for the first half of 2006.
* Net cash provided by operating activities for the quarter and half year was $6.1 billion and $14.1 billion compared with $9.1 billion and $18.1 billion a year ago.
* The effective tax rate on replacement cost profit from continuing operations for both the second quarter and half year was 35%; the rate was 36% for the second quarter and first half of 2006.
* Net debt at the end of the quarter was $21.1 billion. The ratio of net debt to net debt plus equity was 19% compared with 15% a year ago.
* Capital expenditure, excluding acquisitions and asset exchanges, was $4.4 billion for the quarter and for the half year was $8.0 billion. Total capital expenditure and acquisitions was $4.7 billion for the quarter and $9.5 billion for the half year. The half year included $1.1 billion in respect of the acquisition of Chevron's Netherlands manufacturing company. Disposal proceeds were $2.7 billion for the quarter and were $3.7 billion for the half year.
* The quarterly dividend, to be paid in September, is 10.825 cents per share ($0.6495 per ADS) compared with 9.825 cents per share a year ago. For the half year, the dividend showed an increase of 10%. In sterling terms, the quarterly dividend is 5.278 pence per share, compared with 5.324 pence per share a year ago; for the half year, the decrease was 1%. During the quarter, the company repurchased 176 million of its own shares for cancellation at a cost of $2.0 billion. For the first half, share repurchases were 414 million at a cost of $4.5 billion.
* Information on fair value accounting effects in relation to Refining and Marketing and Gas, Power and Renewables is set out on page 10.
* Profit attributable to BP shareholders.
-British Petroleum, Neftegaz.ru
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