BP announces first quarter results

LONDON, April 26, 2016 – BP kicked off the first round of quarterly results announcements for this year on Tuesday, reporting a pre-tax loss of USD 583 million over the first three months of 2016. While the results beat analysts’ expectations, they are sharply lower than the underlying profit of USD 2.6 billion over the first quarter of 2015.

Organic capital expenditure came out at USD 3.9 billion over the first three months of 2016, USD 500 million less than during the same period in 2015. Capital expenditure for the entire year is estimated to reach some USD 17 billion. “Despite the challenging environment, we are driving towards our near-term goal of rebalancing BP’s cash flows,” BP CEO Bob Dudley said in a statement.

Underlying pre-tax replacement costs profit from the company’s downstream segment was USD 1.8 billion over the first quarter of 2016, up from USD 1.2 billion during the previous quarter. The upstream segment reported underlying pre-tax replacement costs losses of USD 747 million.