BP: beats expectations in first-quarter
(CercleFinance.com) - British oil major BP beat analysts' first-quarter earnings expectations on Tuesday, with higher premium fuels volumes and strong trading results surprisin,g on the upside.
BP reported underlying replacement cost profit of 2.4 billion dollars for the first quarter, down from 2.6 billion dollars a year ago, due to a weaker price and margin environment at the start of the quarter.
Oil prices - a big driver of BP's earnings - fell in the first quarter, with the barrel of Brent oil at 63.1 dollars compared to 66.8 dollars last year.
Production for the quarter was 2% higher than the first quarter of 2018, with upstream production, excluding Rosneft, up 2%, on the back of the acquisition of BHP assets and growth of major projects.
In its downstream division, the company benefited from higher premium fuels volumes and the continued roll-out of convenience partnership sites.
BP today announced a quarterly dividend of 10.25 cents per share, 2.5% higher than a year ago, which is set to be paid on 21 June.
The shares were up 0.3% in London after this report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
BP reported underlying replacement cost profit of 2.4 billion dollars for the first quarter, down from 2.6 billion dollars a year ago, due to a weaker price and margin environment at the start of the quarter.
Oil prices - a big driver of BP's earnings - fell in the first quarter, with the barrel of Brent oil at 63.1 dollars compared to 66.8 dollars last year.
Production for the quarter was 2% higher than the first quarter of 2018, with upstream production, excluding Rosneft, up 2%, on the back of the acquisition of BHP assets and growth of major projects.
In its downstream division, the company benefited from higher premium fuels volumes and the continued roll-out of convenience partnership sites.
BP today announced a quarterly dividend of 10.25 cents per share, 2.5% higher than a year ago, which is set to be paid on 21 June.
The shares were up 0.3% in London after this report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.