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Increased production lifts BP profits to $3.2bn BP profits rise, but oil giant warns of Russia sanctions risk
(about 1 hour later)
Oil giant BP has reported a rise in second quarter profits boosted by increased production. BP has warned that further sanctions against Russia could affect its business as it posted a rise in second quarter profits.
Replacement cost profits, which strip out volatility in oil prices, were $3.2bn (£1.9bn), up from $2.4bn in the same period last year. BP said that sanctions imposed over the Ukraine crisis have not affected the oil giant so far, but could do so in the future.
BP said that sanctions imposed over the Ukraine crisis have not affected business so far. The warning came as European ministers were due to meet to discuss bolstered measures against Russia.
However, the oil giant warned that further sanctions could affect its business. Sanctions "could adversely impact our business", BP said.
BP has around a 20% stake in Russian energy giant Rosneft.BP has around a 20% stake in Russian energy giant Rosneft.
"Any future erosion of our relationship with Rosneft, or the impact of further economic sanctions, could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation," BP said."Any future erosion of our relationship with Rosneft, or the impact of further economic sanctions, could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation," BP said.
The company's second quarter replacement cost profits, which strip out volatility in oil prices, were $3.2bn (£1.9bn), up from $2.4bn in the same period last year.
Production pictureProduction picture
European ministers will meet in Brussels on Tuesday to discuss whether to impose further sanctions on Russia over allegations of its involvement in the ongoing crisis in Ukraine.European ministers will meet in Brussels on Tuesday to discuss whether to impose further sanctions on Russia over allegations of its involvement in the ongoing crisis in Ukraine.
Bolstered European sanctions could affect the Russian oil sector.Bolstered European sanctions could affect the Russian oil sector.
For the second quarter, BP said higher oil production in higher-margin areas such as the Gulf of Mexico had boosted its profits.For the second quarter, BP said higher oil production in higher-margin areas such as the Gulf of Mexico had boosted its profits.
BP expects third quarter production to be lower than the second quarter due to "planned major turnaround and seasonal maintenance activities in Alaska and the Gulf of Mexico."BP expects third quarter production to be lower than the second quarter due to "planned major turnaround and seasonal maintenance activities in Alaska and the Gulf of Mexico."