BP disappoints Profit short of expectations

BP’s results for the second quarter failed to meet market expectations as sluggish oil prices and lower production volumes hit the energy giant as it works to “draw a line” under the Deepwater Horizon disaster.

BP said its underlying replacement cost profit, the standard industry measure of growth, totalled $720m (£550m) in the three months to the end of June, falling short of the $840m in underlying profit that analysts had been expecting.