BP to reduce capital expenditure in 2015
With falling oil prices in mind, analysts had expected underlying replacement cost profit to come out at $1.5 billion. However, BP beat expectations and reported $2.2 billion, sending the company’s stock up 5 percent. The oil major benefitted from better-than-expected results from Rosneft, in which BP holds a 19.75-percent stake. While lower than BP’s $1.1-billion income from the stake in 2013, $470 million over the past year was an unexpected profit nonetheless.
In commenting on the low oil prices, BP CEO Bob Dudley said that the company’s emphasis should be on “managing and rebalancing” its capital programme and cost base for the “new reality of lower prices,” essentially “resetting BP.”
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