Quarterly results
BP is reporting strong earnings, reliable performance and disciplined growth for the second quarter, along with growth in its lower carbon businesses
Webcast
Bob Dudley, group chief executive and Brian Gilvary, chief financial officer hosted a webcast covering our results for the second quarter. This was followed by a question and answer session.
2Q 2019
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 carbonBob Dudleygroup chief executive
In numbers
Download the key numbers from our second quarter 2019 results in an infographic
2Q in detail
- Strong financial results
- Underlying replacement cost profit for the second quarter of 2019 was $2.8 billion, similar to a year earlier. The quarter’s result largely reflected continued good operating performance, offset by oil prices lower than in the second quarter of 2018.
- Non-operating items in the second quarter of $0.9 billion, post-tax, related mainly to impairment charges.
- Operating cash flow, excluding Gulf of Mexico oil spill payments, was $8.2 billion for the second quarter, including a $1.5-billion working capital release (after adjusting for net inventory holding gains), and $14.2 billion for the first half, including a $0.5-billion working capital release.
- Gulf of Mexico oil spill payments of $1.4 billion on a post-tax basis in the second quarter were primarily the scheduled annual payments.
- A dividend of 10.25 cents a share was announced for the quarter.
- Solid Upstream and Downstream performance
- Reported oil and gas production for the quarter averaged 3.8 million barrels a day of oil equivalent, 4% higher than a year earlier.
- With the start-up of Culzean in the North Sea this quarter, four Upstream major projects have begun production in the first half of the year.
- Final investment decisions were taken in the quarter for new Upstream major projects in India and the Gulf of Mexico, as well as agreement for additional investment in Angola.
- In Downstream, quarter on quarter growth in lubricants and fuels marketing, more than offset by planned turnarounds ahead of IMO 2020.
- Growing low carbon businesses
- BP agreed to combine its Brazilian biofuels and biopower business with that of Bunge in a new equally-owned joint venture. On completion, BP’s interest in the venture will be more than 50% larger than its existing biofuels business.
- Lightsource BP (43% owned by BP) has continued to make strong progress, including agreeing a significant expansion in Brazil.
- BP agreed a $30 million venturing investment in Calysta, which will use BP's natural gas to produce protein feed for aquaculture and agriculture.
Webcast presentation slides
BP Magazine's 2Q 2019 results infographic
From the key numbers to the latest updates on projects and progress, see this quarter’s highlights from BP
Useful links
Dates and details of dividend payments as well as our results archive and related press releases dating back to 2009
