British oil major BP reported lower-than-expected profit for the second quarter due to weak refining margins and oil prices, prompting another cut to its 2016 investment budget to below $17 billion.
BP reported a second-quarter underlying replacement cost profit, the company’s definition of net income, of $720 million, down from $1.3 billion in the same quarter last year and $120 million below an analyst consensus provided by the company.
Its refining margins were the weakest for a second quarter in six years, BP said.
The company said full-year capital expenditure would now come in below the $17 billion target it had previously given.
