British oil giant BP its second-quarter profit dropped almost 70% from its year-ago bonanza, as lower commodity prices and weak refining margins hit results.
The oil major’s profit missed market expectations and fell more sharply compared with roughly 50% declines recorded by bigger rivals Exxon Mobil, Shell and Chevron. BP trimmed its quarterly share buyback to $1.5 billion from $1.75 billion announced last quarter while modestly boosting its dividend. BP shares rose 1.2% in Tuesday-morning trading in London.
The results come as energy heavyweights emerge from last year’s record-breaking year of profits flush with cash but navigating lower commodity prices and a murky economic outlook in key markets, including China. U.S. oil majors have signaled they could use billions of dollars in their war chests on big acquisitions in the oil patch.
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