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BP's Second Quarter Disappoints as Refining Margins Shrink

BP (BP) posted underlying replacement cost profit of $720 million for the second quarter, missing analyst predictions of about $840 million as an improvement in oil prices failed to compensate for weaker earnings from its refining business.

BP's oil and gas production operations returned to a slim underlying profit before tax of $29 million for the quarter, up from a loss of $747 million in the first quarter, as oil prices climbed to an average $46 a barrel over the quarter, up from $34 in the previous three months.