European majors report profits with wary eye on Russia.

摘要

UK supermajor BP reported strong profits in 2Q 2014, with earnings adjusted for one-time items and inventory changes at $3.6B, up 34% from year-ago levels of $2.7B. "We are continuing to ramp up the major new projects that drive delivery of cash flow and are also now seeing benefits from our focus on operating with greater reliability and efficiency," said CEO Bob Dudley. "This was another successful quarter, delivering both operational progress and robust cash flow." BP reported that total energy output had declined from the year-ago period due to divestments, with overall production down by 6% at 2.1MM boe/d. New projects however, including one in Angola and three in the Gulf of Mexico's deepwater, had boosted margins even as the company brought fewer barrels to surface. Thanks to those high-margin projects, in addition to the ramp-up of the 405K-b/d Whiting, Indiana (US) refinery, the company realized an operating cash flow of $7.9B for 2Q and $16.1B for H1.