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Dramatic Fall in Shell Second Quarter Profits

BP’s underlying profits between April and June last year stood at 8.6 billion US dollars (£5.2 billion) but consensus forecasts from 27 analysts predict a surplus around a third of this level this year on Tuesday – at 2.8 billion US dollars (£1.7 billion).

Rival Royal Dutch Shell meanwhile is set to post underlying second-quarter profits on Thursday of around 2.4 billion dollars (£1.5 billion), compared with a return of 8.6 billion US dollars (£5.2 billion) a year earlier.

BP has been making good progress in turning around years of underperformance in its refining performance, and – despite the inevitable impact of falling crude prices on profits – will look for evidence that the momentum is continuing, as well as assurances over the dividend.

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