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BP reported underlying replacement cost profit of USD 5.6 billion

July 26/2011

(Arabian Oil and Gas) -- BP today reported underlying replacement cost profit of USD 5.6 billion for the second quarter of 2011, an increase of 13% on the result for the same period last year. The headline figure is slightly under analysts' expectations, who in a Bloomberg survey gave an average profit expectation of USD 5.9 billion.

In a company statement, BP said the underlying profit primarily reflected higher oil and gas prices and refining margins, partially offset by lower production and higher costs. Rival supermajors - particularly Shell - are expected to outperform BP this year.

The quarterly dividend expected to be paid on 20 September 2011 is 7 cents per share (USD 0.42 per ADS). The company's share price has shown only modest rises recently, despite Brent prices kissing USD 120 a barrel.

In the same period last year BP posted a USD 17 billion loss, following the Macondo disaster and ensuing oil spill in the Gulf of Mexico.

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