BP today reported that profit for Q2 2016 was US $720m on an underlying replacement cost basis, compared with $532m in Q1 2016 and $1.3 Bn for Q2 2015. Underlying operating cash flow for Q2 2016 - before pretax Gulf of Mexico payments - was $5.5 Bn. "This strong underlying cash flow resulted from continuing reliable operation of assets," BP said. The UK major said it has "drawn a line under Deepwater Horizon liabilities at $61.6 Bn" during the quarter.
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