BP misses second quarter profit expectations as weak refining margins, oil price bite

British oil major BP reported 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. BP reported a second-quarter underlying replacement costprofit, the company's definition of net income, of $720 million, down from $1.3 billion in the same quarter last year and $120 million below an analyst consensus provided by the company.