LONDON – BP, which operates a massive refinery in Whiting, has announced a net second quarter profit of $5.6 billion, down 11 percent from pre-Gulf oil spill levels. One year ago, BP announced a loss of $17.2 billion.
Earnings one year ago also included a $32 billion charge associated with clean up in the Gulf that had a major impact on the bottom line.
In the second quarter, oil and gas production was 3.43 million barrels of oil a day, down 11 percent from one year ago.
“We expect the momentum of our recovery to build into 2012 and 2013 as new projects come on stream, particularly in higher margin area; as we complete current turnaround activity’ as we return to work in the Gulf of Mexico; and as uncertainties reduce,” said Bob Dudley, chief executive officer.