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RC profit (loss), underlying RC profit, operating cash flow excluding Gulf of Mexico oil spill payments and working capital are non-GAAP measures.
These measures and major projects, inventory holding gains and losses, non-operating items and fair value accounting effects are defined in the Glossary on page 35.

• Strong financial results
  • Underlying replacement cost profit for the second quarter of 2019 was $2.8 billion, similar to a year earlier. The quarter’s result largely reflected continued good operating performance, offset by oil prices lower than in the second quarter of 2018.
  • Non-operating items in the second quarter of $0.9 billion, post-tax, related mainly to impairment charges.
  • Operating cash flow, excluding Gulf of Mexico oil spill payments, was $8.2 billion for the second quarter, including a $1.5-billion working capital release (after adjusting for net inventory holding gains), and $14.2 billion for the first half, including a $0.5-billion working capital release.
  • Gulf of Mexico oil spill payments of $1.4 billion on a post-tax basis in the second quarter were primarily the scheduled annual payments.
  • A dividend of 10.25 cents a share was announced for the quarter.
• Solid Upstream and Downstream performance
  • Reported oil and gas production for the quarter averaged 3.8 million barrels a day of oil equivalent, 4% higher than a year earlier.
  • With the start-up of Culzean in the North Sea this quarter, four Upstream major projects have begun production in the first half of the year.
  • Final investment decisions were taken in the quarter for new Upstream major projects in India and the Gulf of Mexico, as well as agreement for additional investment in Angola.
  • In Downstream, quarter on quarter growth in lubricants and fuels marketing, more than offset by planned turnarounds ahead of IMO 2020.
• Growing low carbon businesses
  • BP agreed to combine its Brazilian biofuels and biopower business with that of Bunge in a new equally-owned joint venture. On completion, BP’s interest in the venture will be more than 50% larger than its existing biofuels business.
  • Lightsource BP (43% owned by BP) has continued to make strong progress, including agreeing a significant expansion in Brazil.
  • BP agreed a $30 million venturing investment in Calysta, which will use BP's natural gas to produce protein feed for aquaculture and agriculture.