RESULTADOS 1T 2017 1.05.2017
BP: RETURNS TO PROFIT IN FIRST QUARTER.
Cercle Finance - British oil and gas giant BP has returned to profit in the first quarter, with the 2010 Gulf of Mexico spill charge now slowly fading.
The company’s profit for the first three months of 2017 reached 1.45 billion dollars, compared with a loss of 583 million euros for the same period in 2016.
The group’s non-operating charge reached 553 million dollars pre-tax, with the Gulf of Mexico oil spill pre-tax charge, which predominantly relates to finance costs for the unwinding of discounting effects, reaching 161 million dollars over the quarter.
BP said payments related to the Gulf of Mexico oil spill are expected to reach 4.5-5.5 billion dollars in 2017, with a larger outflow in the first half, before falling to around 2 billion dollars in 2018.
BP ramped up oil and gas production in the first quarter by 3% year-on-year, producing 2.38 million barrels of oil equivalent a day.
Benchmark Brent oil prices averaged 53.7 dollars a barrel in the quarter, up from 49.3 dollars a barrel in the previous quarter and 33.9 dollars a barrel a year earlier, according to BP.
The company maintained its dividend at 10 cents, which is set to be paid on 23 June.
BP shares were up 2.2% at 452.15 pence on the London Stock Exchange, in trading on Tuesday morning.