BP, one of the world's biggest oil companies, announced a second-quarter replacement cost loss of $6.3 billion Tuesday, and warned that low oil prices are here to stay.
Bob Dudley, chief executive of the oil major, said in a statement that the "external environment remains challenging."
"In the past few weeks oil prices have fallen back in response to continued oversupply and market weakness and the recent agreements regarding Iran. I am confident that positioning BP for a period of weaker prices is the right course to take, and will serve the company well for the future," he added.
The replacement cost measure takes into account changes in the price of oil and is used across the industry to report earnings.