Investing.com — reported first-quarter underlying replacement cost (RC) profit of $3.2 billion on Tuesday, beating company-compiled consensus of $2.67 billion and more than doubling both the $1.5 billion posted in the prior quarter and the $1.38 billion recorded a year ago.
The jump was driven by an exceptional contribution from oil trading and stronger midstream performance, the company said.
The oil giant’s statutory profit came in at $3.8 billion, reversing a loss of $3.4 billion in the fourth quarter.
BP’s upstream production for the quarter totaled 2.33 million barrels of oil equivalent per day, with plant reliability at 95.7%.
Operating cash flow was $2.9 billion after a $6 billion working capital build, while capital expenditure fell to $3.3 billion from $3.6 billion a year ago. Net debt rose to $25.3 billion from $22.2 billion at end-2024.
BP held its quarterly dividend at 8.32 cents per ordinary share.
“This was another quarter of strong operational and financial delivery, and we made further progress towards our 2027 targets,” said BP CEO Meg O’Neill, who joined the company earlier this month.
“We had high plant reliability, high refining availability and increased production in the Gulf of America and at bpx Energy, our U.S. onshore business – keeping production levels steady despite the ongoing disruption,” she said in the statement.
Looking ahead, BP said it expects second-quarter upstream production to be lower due to seasonal maintenance in the Gulf of America and ongoing Middle East disruptions.
The company reiterated its full-year capital expenditure budget of $13-$13.5 billion and expects divestment proceeds of $9-$10 billion for the year, heavily weighted to the second half, including proceeds from the planned Castrol sale.
Source:
www.investing.com