British oil giant BP has reported a drop in its first-half profit, AFP reports.
Profit after tax fell 79% to $2.13 billion compared with net income of $10 billion in the first six months of last year, BP said.
Revenues were down 8% to $98 billion in the latest reporting period.
BP said "increased volume and lower exploration charges were partially offset by increased depreciation and higher costs."
Earlier this month, the group signalled to markets that its recent earnings would take a significant hit from a decline in oil refining in Germany.
Major energy companies are also feeling the impact of falling natural gas prices.
"Against this backdrop, BP's businesses continue to operate safely and efficiently," Chief Executive Murray Auchincloss said.
Ochinklos, a BP veteran, became CEO in January during a period of interim leadership following the firing of Bernard Looney. | BGNES
