The Culzean project is one of four major offshore projects BP has started production on in the first half of 2019. Credit: Total.

British energy multinational BP has announced its results for the second quarter (Q2) of 2019, reporting underlying replacement cost profit for of $2.8bn, an increase from $2.4bn in Q1 2019.

BP attributed this increase to “continued good operating performance,” noting that oil prices lower than in Q2 2018 impacted financial growth in Q2 2019.

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Operating cash flow, excluding payments for the Gulf of Mexico oil spill, was $8.2bn including a $1.5bn working capital release for Q2 2019, and $14.2bn including a $0.5bn working capital release for the first half (1H) of 2019. This represents an increase from $5.9bn in Q1 2019 and $7bn in Q2 2018.

Oil and gas production in Q2 2019 averaged 3.8 million barrels of oil equivalent per day (MMboe/d), roughly the same as production in Q1 2019 and a 4% increase from Q2 2018. Production for BP’s upstream offshore operations for 1H 2019 was 2,640MMboe/d, a 4.2% increase from 1H 2018.

The company also reported that it had taken final investment decisions for new offshore projects in India and the Gulf of Mexico in Q2 2019 and made agreements for additional investment in Angola.

Including the start-up of the Culzean project in June 2019, BP has begun production on four major offshore projects in 1H 2019.

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BP CEO Bob Dudley said: “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 carbon.”