Second quarter earnings of $ 2.8 billion BP above expectations

(Reuters) – BP Tuesday announced a profit of 2.8 billion dollars (2.3 billion pounds sterling) in the second quarter, unchanged from the previous year, dampened by the decline in oil prices.

Underlying earnings at underlying replacement cost, the company's definition of net income, exceeded expectations by $ 2.46 billion, according to an badyst survey conducted by the company.

Production in the second quarter reached 3.8 million barrels of oil equivalent per day, up 4% from the previous year.

BP said it expects production in the third quarter of 2019 to be lower than in the second quarter, due to maintenance activities and the impact of Hurricane Barry on operations in the Gulf of Mexico.

(Report of Noor Zainab Hussain in Bengaluru, edited by Saumyadeb Chakrabarty)