BP has posted a 7.4% drop in half-year profits to $3.87 billion (£3.2 billion), but held second-quarter earnings firm as higher production offset lower oil prices.
The oil giant saw statutory second-quarter profits remain broadly similar on a year earlier, at $1.78 billion (£1.46 billion) against $1.79 billion (£1.47 billion).
On an underlying basis, half-year replacement cost profits fell 4% to $5.17 billion (£4.3 billion).
Bob Dudley, group chief executive of BP, said: "At the midpoint of our five-year plan, BP is right on target.
"Reliable performance and disciplined growth across our businesses are delivering strong earnings, cash flow and returns to shareholders.
"And this is also allowing us to grow businesses that can make a significant contribution in the energy transition, helping deliver the energy the world needs with lower carbon."
David Barclay, head of office at Brewin Dolphin Aberdeen, said: “BP’s profits have come in better than many analysts expected, but it’s still a mixed bag from the oil company. Average production has increased 4% on a year earlier, but this was offset by lower average oil prices in the second quarter of 2019. Debt levels remain beyond BP’s target range, which will be a concern, but the growing low carbon arm of the business is a positive move and will no doubt play a larger role in the future.”
