BP bucks trend with increased cash flow and production
As Big Oil weakens generally, BP shows solid upstream and downstream performance, with adjusted net income of $2.81bn in quarter two
London — BP bucked the trend of disappointing oil and gas earnings, beating expectations and increasing its cash flow as higher production offset the effect of lower energy prices.
The company’s performance brightens what has so far been a weaker-than-expected second quarter for Big Oil. While companies are more profitable today than they were at $100 crude after slashing costs, they were caught in recent months by falling natural gas prices. Total, Eni and Equinor all fell short of analysts’ estimates even as their output rose...