BP second quarter earnings off by one third

Steve Sutherlin, PNA managing editor

BP said July 30 its second quarter pro forma result, adjusted for special items, was $2.1 billion, compared with $3.4 billion for second quarter 2001, a reduction of 36 percent.

The company said its results reflect a less favorable environment for exploration and production, and refining and marketing.

Net cash inflow from operating activities was $5.133 billion for second quarter 2002, up from $5.076 billion for second quarter 2001. Total hydrocarbon production for the quarter was at a record level of 3,546,000 barrels of oil equivalent, up 5.5 percent compared to the same period last year, the company said. Increases flowed from the continued ramp-up of projects commissioned in 2001, start-up of the King field in the Gulf of Mexico, improved operating efficiencies, and an increased interest in Sidanco which offset the impact of OPEC related quota restrictions and divestments.