Refinery problems dent BP profits

Lower output and refinery stoppages left oil giant BP nursing a slight dip in second-quarter profits today.

Despite a pick-up in oil prices in the period, the UK-based energy giant posted profits of $6.09bn (€4.4bn) for the three months to June 30, down on the $6.12bn (€4.43bn) reported a year earlier.

Production for the quarter was down 5%, while the performance in refining and marketing was hit by “operational issues” at a number of its refineries in the United States.

BP has had unplanned maintenance stoppages and production problems at its Whiting, Carson City, Texas City and Toledo refineries in recent months.

The difficulties meant that BP lost refining opportunities – at a time of record margins for the industry – as well as forcing it into the market to buy petrol at a time when the price was rising.