Oil producer BP says second-quarter earnings slipped 5 percent as the company took a writedown for a stalled project in Angola.
Underlying replacement cost profit fell to $684 million from $720 million in the same period last year. The measure, which excludes one-time items and fluctuations in the value of inventories, is the industry's preferred gauge of earnings.
Chief Executive Bob Dudley says BP is still working to adjust to an era of lower oil prices with "tight focus on costs, efficiency and discipline in capital spending."
Net income totaled $1.44 billion, compared with a year-earlier loss of $1.42 million after oil and gas prices rose. The average price of BP's oil rose 17 percent to $46.27 a barrel. Oil was above $100 a barrel as recently as September 2014.