BP'S PROFIT $1.5 BLN
BP - "Our year has started well. BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow 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" - Bob Dudley, group chief executive said.
- Underlying replacement cost profit for the first quarter was $1.5 billion.
- First quarter operating cash flow, excluding payments related to the Gulf of Mexico oil spill*, of $4.4 billion. Including these payments, operating cash flow* was $2.1 billion.
- Dividend unchanged at 10 cents per share.
- Reported oil and gas production was 3.5mmboe/d in the first quarter, 5% higher than same period in 2016.
- New Upstream major projects* on track: Trinidad onshore compression project started up, another in ramp-up, and two more in commissioning.
- Downstream marketing growth and strong operational performance.
- $1.7 billion divestment of BP’s interest in SECCO petrochemical joint venture, subject to regulatory approvals.
|October, 23, 11:45:00|
|October, 23, 11:40:00|
|October, 23, 11:35:00|
|October, 23, 11:30:00|
|October, 23, 11:25:00|
|October, 23, 11:20:00|
Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.