BP profits slump after huge oil spill charge

BP's second-quarter profit slumped by nearly two thirds from a year ago as it grappled with lower crude prices and took a huge $10.8 billion charge related to the 2010 Gulf of Mexico oil spill.

Profits were also hit by a $600 million exploration write off in Libya as a result security issues, leaving underlying replacement cost profit, BP's definition of net income, at $1.3 billion, below analysts expectations of $1.64 billion.