BP first-quarter profit up 71% as production and oil price rise
02 May, 2018, 02:10 | Author: Kristi Dunn
BP's Chief Financial Officer Brian Gilvary said factors that reduced first-quarter cash flow - increases in working capital and payments related to the oil spill from the Macondo well in the Gulf of Mexico - would fade later in the year.
BP has reported a surge in profits for the first quarter of 2018.
BP said its upstream operations - which cover exploration and production - enjoyed the best quarter since the third quarter of 2014, with underlying profits more than doubling to 3.2 billion USA dollars (£2.3 billion). "Our safe and reliable operations and strong financial delivery have continued into 2018", said BP's chief executive.
Russ Mould, investment director at AJ Bell, said: "The main negative in the numbers is cash flow performance which was dampened by continuing payments linked to the 2010 Gulf of Mexico oil spill, leading to higher debt".
BP reported $2.6 billion in underlying replacement cost profit, its definition of net income, exceeding the $2.2 billion forecast by analysts in a company-provided survey.
"The market seems satisfied for now by assurances that this will represent the peak for outflows relating to the disaster, but if this is not in evidence later in the year, BP may be in for harsher treatment".
In late morning trading, BP shares in London were 0.8% higher at 542.4p.
Nokia X Launch Possibly Confirmed For May 16th
It flaunts a 6-inch full HD+ (2160 × 1080 pixels) FullView screen with 18:9 aspect ratio to offer cinematic viewing experience. Finnish tech giant Nokia launched their new smartphones Nokia 8 Sirocco and 7 Plus earlier this month in India.
"The results definitely benefit from a higher oil price that we've seen come through", Gilvary noted.
The company then faces charges of about $2 billion next year, and then more than $1 billion a year out past 2030.
Shareholder dividend stayed at 10 cents per share.
BP launched seven oil and gas fields in 2017, a record year, and is set to inaugurate six more projects this year including in Egypt, Azerbaijan and Britain's North Sea, which will help it boost production by 800,000 barrels per day (bpd) by 2020, most of it gas.
The spill payment in the first quarter was "US$500 million more than I expected", although that probably means that the burden will be lower later this year, said Redburn analyst Rob West. "Cash flow was good but messy, with less cash tax paid than expected".
The bill included a final $1.2bn payment as part of a $20bn settlement with the US Department of Justice, but the giant still has a number of smaller legal bills to pay.
Net debt at the end of March stood at $40 billion, up from$37.8 billion at the end of 2017.
Rangers have endured a hard recent period and have sacked Murty off the back of a 5-0 defeat to Celtic in the Glasgow Derby. Gerrard, 37, hung up his boots in 2016 after a 12-month stint with LA Galaxy and now manages the Liverpool under-18s.
It's hard to win games. "It's our target in this moment, focus on the next game against Newcastle and try to get three points". It puts us in a very good position fighting for the top four and that is the objective for the rest of the season".
Sans Curry, the Warriors have scored 108.5 points per game in the playoffs and lead all playoff teams with 27.8 assists per game. Curry, who had hoped to be cleared for Game 1 , worked out with the club Monday. "He can impact a game and have five points".
LeBron averaged 45.0 points per over the last three home games of the series against IN and posted a triple-double IN the opener. Despite the Cavs ending the Raptors season the last two season, Charles Barkley is fully in the camp of the team from the 6ix.
Mueller's team has found and is investigating as it probes whether The Trump Campaign colluded with Russian Federation . But an interview with Mueller could open Trump up to perjury charges if he gives false statements.
Both the European and GFS models like the idea of an isolated shower or two with cooler highs on Saturday . A northwest wind of 11 to 13 miles per hour can be expected with gusts up to 23 miles per hour .
Trump used his national and global audience of millions of people to make a false factual statement to denigrate and attack Ms. Ms Daniels alleges that she became friendly with Mr Trump when he offered a place on U.S. version of The Apprentice.
Basically, when you buy a device or product which is RED, from that purchase Apple sends a contribution to the Global Fund. The iPhone 8 Plus RED is priced at Rs 77,560 for the 64GB storage option, while the 256GB version cost Rs 91,110.
"NATO is wonderful, but it helps Europe more than it helps us", Trump said ahead of his meeting with the German leader. Luxembourg s veteran Foreign Minister Jean Asselborn told AFP Pompeo had got his point across without causing upset.
How ANT-MAN AND THE WASP Fits Into INFINITY WAR
That mark beat the one set by "Star Wars: The Force Awakens" for the highest opening weekend ever, the Associated Press reports. The new footage does an unbelievable job of making Evangeline Lilly's Hope van Dyne, aka Wasp, look like a complete bad ass.
Saudi Arabia says leading Houthi rebels killed in strike
The Houthis said they launched eight ballistic missiles at " economic and vital targets " in Saudi's Jizan province on Saturday. The latest attack came as the Huthis staged a public funeral for a slain commander in the Yemeni capital Sanaa.
Lea Michele Is Engaged: See Her Gorgeous Ring
Back in August a year ago , Michele shared a touching post about her beau on her birthday declaring her undying love for him. In the photo below, a clearly effusive Michele poses beside seaside with her ring-bearing hand covering her smiling face.
Money in Budget for Barrier Reef
The reef is a critical national asset, contributing AU$6.4 billion a year to the Australian economy. The reef is the world's largest living structure and it can even be seen from space.
RCPD takes part in National Drug Take-Back Day
There were drop off spots across the Coastal Bend. "Since we created those drop boxes for people to come in", he said. The Charleston Police Department was hoping to beat last year's total of 500 pounds of unused drugs collected.
Unai Emery To Leave PSG At End Of Season
May 8, PSG could win another Cup. "We lost to Real (in the Champions League round of 16) but Real are the best team in Europe". Wenger won't want to call it a day on a sour note and picking up a few French league titles would be ideal.