BP misses quarterly net income expectations

British oil giant BP reported lower-than-expected quarterly profits due to weak refining margins and oil prices.

Second-quarter net income was $720 million, down from $1.3 billion in the same quarter a year earlier. It also was $120 million below an analyst consensus provided by the company.

"As we look forward, we expect the external environment to remain challenging," BP CEO Bob Dudley said.

Read more from Reuters.