BP Plc reported the lowest quarterly profit in at least 10 years after a boom in trading faded and the conflict in Libya forced almost $600 million of writedowns. Profit adjusted for one-time items and inventory changes dropped to $1.3 billion in the second quarter, 64 percent lower than a year earlier, the London-based company said Tuesday in a statement. That missed the $1.7 billion average estimate of 17 analysts surveyed by Bloomberg. “I am confident that positioning BP for a period of weaker prices is the right course to take” The weaker-than-expected results pile pressure on Chief Executive Officer Bob Dudley to cut capital spending to maintain dividends. The company is no longer benefiting from the strong trading that added about $350 million to profit in the first quarter, while a halt to operations in Libya eroded earnings from oil and gas exploration. “The miss is primarily because […]