BP misses profit target; to pursue new projects

LONDON: British oil major BP will forge ahead with at least three new projects this year, its CEO Bob Dudley said, though it saw a 45% drop in second-quarter earnings

LONDON: British oil major BP will forge ahead with at least three new projects this year, its CEO Bob Dudley said, though it saw a 45% drop in second-quarter earnings due to weak refining margins and oil prices, prompting another cut to its 2016 investment budget to below $17 billion. BP said its second-quarter underlying replacement cost profit, its definition of net income, was $720 million, down from $1.3 billion in the same quarter last year. But Dudley said BP could make another three final investment decisions this year, in India, the Gulf of Mexico and in Trinidad.

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