BP Profits Plunge

BP reported a 90% year-on-year decline in second-quarter underlying profit before interest and taxes for the company’s petrochemicals business, on a replacement cost basis, to $28 million. The dramatic fall in earnings reflects “particular weakness in aromatics margins, resulting from growing capacity,” BP says. The petchems business faced “subdued demand” compared with the corresponding period of 2011, the company says. Sales were not...

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