BP’s Profit Dips but Beats Forecast After Angolan Exploration Write-off

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British Petroleum’s (BP) second-quarter profit dipped but beat forecasts after an exploration write-off in Angola, while a 10 percent rise in oil and gas production from a slew of new projects gave shares a strong boost.

BP also increased cash flow from operations in a further sign that efforts by top oil companies to cut costs since the 2014 price slump are paying off as it expects oil prices to hold at around $50 a barrel into next year.

“We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency, and discipline in capital spending,” Chief Executive Bob Dudley said in a statement released to Reuters.

BP shares were up 3.4 percent at 0804 GMT, outperforming the broader sector index, which was up 1.2 percent, Reuters reported.

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