BP posts sluggish share price

BP chief executive Bob Dudley has promised long-term growth after a weak performance for the next few months, in an attempt to ease investors’ frustration at the oil major’s sluggish share price.

BP reported second- quarter replacement cost net income of $5.31 billion, compared with a loss of $16.97 billion in the same period last year that included the cost of tackling its massive Gulf of Mexico oil spill.