Oil producer BP's second-quarter earnings slipped 5 percent as the Deepwater Horizon disaster continued to weigh on the company.
A key measure of earnings, called underlying replacement cost profit, fell to $684 million from $720 million in the same period last year. The figure, which excludes one-time items and fluctuations in the value of inventories, is the industry's preferred gauge of earnings.
Chief Executive Bob Dudley says BP is still working to adjust to an era of lower oil prices with a "tight focus on costs, efficiency and discipline in capital spending."
Oil companies have been cutting costs and selling assets to adjust to lower oil prices, which...