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BP profits plunge 44% in second quarter

Profits at oil giant BP have fallen by 44%

Profits at oil giant BP have fallen by 44% to $720 million (£549 million) in the second quarter.

BP boss Bob Dudley said the slump in underlying replacement cost profit - the benchmark industry measure - was impacted by lower oil and gas prices and significantly lower refining margins.

He added that this was partly offset by the "benefit of lower cash costs throughout the group," along with lower exploration write-offs, but said that the oil group is focused on growth.

We are delivering significant improvements to the business that will stick at any oil price.

We are now well down the path of transforming our business to compete, whatever the future holds.

– BP boss Bob Dudley
  • BP also booked a $2.8 billion (£2.1 billion) charge linked to costs associated with the Deepwater Horizon oil spill
  • The total cost of the 2010 disaster in the Gulf of Mexico now stands at around $61.6 billion (£46.9 billion), with BP saying it has drawn a line under the payouts.

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Bosses 'should allow time for staff to watch Olympics'

Employers should consider introducing flexible working in the coming weeks to allow sports fans to watch the Olympics, experts have said.

Workers should be allowed time to watch the Olympics, Acas said Credit: PA

Conciliation service Acas issued has issued guidance urging bosses to consider allowing staff to start later or finish early and make up time on different days. They should also be allowed to swap shifts, the advice adds.

Acas chairman Sir Brendan Barber said flexible working agreements could help managers get the best from their teams.

Rio 2016 will be an exciting event for many sports fans but staff should avoid getting disqualified for unreasonable demands or behaviour in the workplace during this period.

Many businesses need to maintain a certain staffing level in order to survive and sprint to that finish line.

Employers should have a set of simple workplace agreements in place before the starting gun goes off for the Olympic Games.

These agreements can help ensure businesses remain productive whilst keeping staff happy too, which are key ingredients for a gold medal winning team line up.

– Sir Brendan Barber, Acas
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