BP Trading Lower on Disappointing Earnings Results
From Fnno.com, you're watching the Financial News Network. Another oil company posting disappointing earnings for the second quarter. British Petroleum (NYSE:BP) posting earnings of $3.68 billion or $1.16 a share, below the analyst estimate of $1.38.
The biggest hit BP took in the quarter was impairment losses totaling to $4.8 billion. These losses were related to the write-off of certain refineries, U.S. shale gas assets, and the decision to suspend the Liberty project in Alaska.
This was in addition to the already lower U.S. oil and natural gas prices that has hit mostly every energy company in the industry. Currently, BP stock is falling almost 4% to $40.15. For more financial news and analysis, follow us on Twitter @FNNOnline, or check out our website at fnno.com