Profit after tax slumped 79% to US$2.13 billion compared with net earnings of US$10 billion in the first six months of last year, BP said in a statement.

Revenue dropped 8% to US$98 billion in the latest reporting period.

BP said increased volume and lower exploration write-offs were “partly offset by increased depreciation charges and higher costs”.

The group earlier this month flagged to markets that its latest earnings would take a sizeable hit from a cut to oil refining in Germany.

Energy majors are also feeling the impact of declining gas prices, which have fallen heavily since soaring after the invasion of Ukraine by major energy producer Russia in early 2022.

Against this backdrop, BP “businesses continue to operate safely and efficiently”, chief executive Murray Auchincloss said in the earnings statement.

Auchincloss, a veteran BP employee, became CEO in January following a period as interim boss in the wake of Bernard Looney’s sacking.

Looney was dismissed over his failure to disclose past relationships with colleagues.