Massive drop in oil profit, BP struggles to recover 70% loss
BP, a British oil and gas company, reported nearly a 70% drop in second-quarter profit along with a downturn in fossil fuel prices. This major British energy company has announced its second-quarter profit of $2.6 billion, an amount hugely off the margin with analysts’ expectations of $3.5 billion.
Compared to the past results, a significant decline is shown, with a profit of $8.5 billion reached in the second quarter of 2022. Difficulty in the maintenance of oil trading is a vital cause.
Other oil companies are facing similar problems with failure to match profits. Shell, a British rival, and TotalEnergies, a French firm, reported a steep drop in their second-quarter profit. As the global economy stays unstable with its supply-demand, oil and gas prices seem to continue under pressure.