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BP plc Q2 profit falls YOY

BP Plc said its second-quarter normalized net income came to 8 cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

EPS decreased 60.6% year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.40 billion, a decline of 61.2% from $3.59 billion in the prior-year period.

The normalized profit margin fell to 2.3% from 3.8% in the year-earlier period.

Total revenue declined 35.5% on an annual basis to $60.65 billion from $93.96 billion, and total operating expenses decreased 33.9% year over year to $59.09 billion from $89.38 billion.

Reported net income came to a loss of $5.82 billion, or a loss of 32 cents per share, compared with income of $3.37 billion, or 18 cents per share, in the year-earlier period.