BP said that second-quarter profit took a hit from lower crude prices, becoming the latest oil major to issue such a warning. But the stock rose anyway Friday.The company, which has lagged behind rivals,

BP has said lower oil and gas prices will weigh on its earnings in the second quarter, even as the energy major flagged an increase in production and higher refining margins. In a trading update on Friday, BP said it expected earnings in its oil business to be $600mn-$800mn lower in the three months to the end of June than the previous quarter.

Shell and Exxon warned of weaker Q2 earnings due to lower oil and gas prices, with Exxon expecting a $1.5 billion hit.