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BP Profit Drops 45% on Lower Crude-Oil Prices, Misses Estimates

BP Plc, the first oil major to report second-quarter results, said earnings fell 45 percent as lower crude prices continued to erode income. It missed analysts’ estimates.

Profit adjusted for one-time items and inventory changes dropped to $720 million from $1.3 billion a year earlier, the London-based company said Tuesday. That compares with the $819 million average estimate of 13 analysts surveyed by Bloomberg. Downstream earnings, which include refining, totaled $1.51 billion, down 19 percent.

Brent crude’s 25 percent increase in the quarter provided some prospect of relief after a two-year slump that forced explorers to delay projects and eliminate thousands of jobs. BP Chief Executive Officer Bob Dudley, who has cut billions of dollars of spending at Europe’s third-biggest oil company, still faces a difficult road ahead as crude’s rally fades amid slowing demand growth and returning production from Canada to Nigeria.

Brent averaged $47.03 a barrel in the quarter compared with $63.50 a barrel a year earlier and $35.21 a barrel...