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    BP posts Q2 loss as output, oil prices fall

    Associated Press – Tue, Jul 31, 2012

    LONDON (AP) — Oil company BP has reported a loss of $1.4 billion pounds for the second quarter on the back of lower prices for oil and gas as well as reduced output.

    BP reported Tuesday that its net loss compared to a net profit of $5.7 billion a year earlier. Revenue was down 9 percent at $95 billion.

    The company also made an additional provision of $847 million for the Gulf of Mexico oil rig disaster and cleanup, taking the total provision to just over $38 billion.

    Underlying replacement cost profit for the period was $3.7 billion, down from $5.7 billion a year earlier. The adjusted figure excludes non-operating items and accounting effects.

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