BP misses quarterly profit expectations, cuts investment again

By Karolin Schaps LONDON (Reuters) - British oil major BP reported a lower than expected profit for the second quarter due to weak refining margins and oil prices, prompting another cut to its 2016 investment budget to below $17 billion (12.96 billion pounds). The London-listed energy company said second-quarter underlying replacement cost profit, its definition of net income, was $720 million, down from $1.3 billion in the same quarter last year and $120 million below an analyst consensus provi