LONDON, July 26 (Reuters) - British oil major BP reported lower-than-expected profit for the second quarter dueto weak refining margins and oil prices, prompting another cutto its 2016 investment budget to below $17 billion.
BP reported a second-quarter underlying replacement costprofit, the company's definition of net income, of $720 million,down from $1.3 billion in the same quarter last year and $120million below an analyst consensus provided by the company.
Its refining margins were the weakest for a second quarterin six years, BP said.
The company said full-year capital expenditure would nowcome in below the $17 billion target it had previously given. (Reporting by Karolin Schaps, editing by Louise Heavens)