The company did, however, boost production in the period, largely on account of the start-up of an operated field in Iraq.

Net profit for the six months to the end of June was $1.71 billion, well down on the $4.14 billion taken in the comparable period a year earlier.

The drop in commodity prices sank revenues from $73.89 billion to $51.29 billion, but a non-cash write-off of $324 million damaged the bottom line.

Production,