British energy company BP’s second-quarter profit was $2.6 billion, down 70 percent from the same period last year.
According to the second quarter results announced by the company, the decline in fossil fuel prices, weak oil trade, low refining margins and maintenance work directly affected BP’s profits.
The British company’s profit in the second quarter of the year was $2.6 billion, down 70 percent compared to $8.5 billion in the same period last year. Analysts were expecting a second quarter profit of $3.5 billion.
BP’s profit in the first quarter of this year was approximately $5 billion.
The company also announced that it will make a $1.5 billion share buyback.
Last week, the second-quarter profits of major oil companies Shell, TotalEnergies and ExxonMobil also saw sharp declines.