Europes 2nd biggest oil company BP Plc has said their profit fell 53% on lower energy prices.  They have said that there is “little evidence” of a recovery.

Their 2nd quarter net income has fallen to $4.39 billion, or 23.16cents a share, from $9.36 billion, or 49.23cents, in the earlier period.

CEO Tony Hayward of BP said that estimated cost cuts would exceed an earlier target as it increased production to more that 4,000,000 barrels a day.   There has been “significant falls” in the first half and the recovery will be “long and drawn out” as the demand stabilizes said Tony.

An analyst from Panmure Gordon and Co recently said in an interview “I have serious concerns about the operating environment and that the oil price may come under pressure.”

Later this week BP’s rivals will be releasing their results which are Spains Repsol YPF, Total SA of France, Royal Dutch Shell PLC.

U.S oil futures averaged $59.79 a barrel in the 2nd quarter, 52% lower than a year earlier, while gas futures slumped 67%.  NY oil futures have rebounded 53% since the beginning of 2009 and traded at $68.44 today.