BP production growth boost shares despite profit drop

London

BRITISH energy company BP's second-quarter profit dipped but beat forecasts after an exploration write-off in Angola, while a 10 per cent rise in oil and gas production from a slew of new projects gave shares a strong boost.

BP also increased cash flow from operations in a further sign that efforts by top oil companies to cut costs since the 2014 price slump are paying off as it expects oil prices to hold at around US$50 a barrel into next year.

"We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency and discipline in capit…