Multinational’s financial woes continue as low crude rates hit its revenues, despite an end to payouts over the Deepwater Horizon spill of 2010
Profits at BP plunged 44% to $720m (£550m) in the second quarter of 2016, as the collapse of crude prices continues to affect the energy sector.
Oil companies have rushed to cut costs and curtail investment after oil prices fell to a 12-year low in January, resulting in tens of thousands of job losses in the UK alone.
Related: BP faces further $2.5bn charge over Deepwater Horizon spill