Profit for the second quarter of 2008 stood at $9.58 billion, compared to $7.44 billion for the same period in 2007. BP reported a profit of $17.17 billion for the first half of 2008, compared to $12.18 billion for the first half of 2007.
The company’s second quarter replacement cost profit was $6.85 billion, compared with $6.48 billion a year ago, an increase of 6%. For the half year, replacement cost profit was $13.44 billion, compared with $10.93 billion a year ago, up 23%.
Non-operating items and fair value accounting effects for the second quarter had a net $1.77 billion unfavorable impact, compared to a net $973 million favorable impact in the second quarter of 2007. For the first half of 2008, the respective amounts were $1.77 billion unfavorable and $1 billion favorable.
The largest non-operating item for the second quarter and year-to-date was fair value losses on embedded derivatives which amounted to $2.08 billion and $2.77 billion, respectively, on a pre-tax basis.
