BP increases output, profit

LONDON, May 2, 2017 – BP announced an underlying replacement cost profit of USD 1.51 billion for the first quarter of 2017 on Tuesday, an increase of 978 million over the same period last year.

Profit came out at USD 1.449 billion, compared with a loss of USD 583 million recorded over the first three months of 2016.

Operating cash flow for first quarter came out at USD 2.1 billion. Had it not been for payments related to the Deepwater Horizon spill, cash flow would have amounted to USD 4.4 billion.

Quarterly hydrocarbons production was recorded at 3.5 million boepd, up 5% over last year.

Commenting on the results, Chief Executive Bob Dudley said the numbers were “robust.”

“We have shown continued operational momentum – it was another strong quarter for the Downstream and the first of our seven new Upstream major projects has started up, with a further three near completion. We expect these to drive a material improvement in operating cash flow from the second half,” he added.

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