2017-08-03 12:05:00

BP PROFIT $553 MLN

BP PROFIT $553 MLN

BP - BP p.l.c. Group results Second quarter and half year 2017

Highlights

Solid first half; strong operations, strong cash flow.

• Underlying replacement cost (RC) profit* for the second quarter was $0.7 billion.

• Second-quarter operating cash flow, excluding Gulf of Mexico oil spill payments*, was $6.9 billion. Including these payments, operating cash flow* for the quarter was $4.9 billion.

• Dividend unchanged at 10 cents per share.

• Second-quarter Upstream production was 10% higher than in the same period in 2016; first-half production was 6% higher.

• Upstream major projects on track; two new projects sanctioned in quarter; significant gas discoveries in Senegal and Trinidad announced; $753 million exploration write-off, predominantly in Angola.

• In Downstream, first-half fuels marketing earnings around 20% higher than in the first half of 2016.

 

BP RESULTS 2Q 2017

 

BP RESULTS 2Q 2017

 

Bob Dudley – Group chief executive:

“We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency and discipline in capital spending. We delivered strong operational performance in the first half of 2017 and have considerable strategic momentum coming into the rest of the year and 2018, with rising production from our new Upstream projects and marketing growth in the Downstream.”

Brian Gilvary – Chief financial officer:

“Cash flow was strong in the first half – organic cash flow* exceeded organic capital expenditure* and dividends paid. While net debt* rose primarily due to Gulf of Mexico payments, we expect this will improve over the second half as these payments decline and divestment proceeds come in towards the end of the year.”

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Earlier: 

BP: EXCELLENCE, SUSTAINABILITY, COLLABORATION 

BP ENERGY REVIEW 

BP'S PROFIT $1.5 BLN 

BP'S GROWTH 

BP ENERGY OUTLOOK 2035 

BP LOSS $999 MLN 

SHELL & BP PRICES: $50

 

 
 

 

 

 

 

 

Tags: BP

Chronicle:

BP PROFIT $553 MLN
August, 16, 09:45:00

OIL PRICE: NOT ABOVE $52 YET

Brent crude futures LCOc1 were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.70 a barrel, up 15 cents, or 0.3 percent.

BP PROFIT $553 MLN
August, 16, 09:40:00

OIL PRICES TAKES TIME

New data suggests that in 2Q17 global stocks fell by 0.5 mb/d and preliminary data for July, particularly in the United States where stocks fell by 790 kb/d, is supportive. Even so, we must not forget that they are falling from a very great height in volume terms. At the end of 2Q17, OECD commercial stocks, which are the component of the global total for which we have the most visibility, stood at 3 021 million barrels, still more than 219 mb above the five-year average although they have now fallen below 2016 levels. As an exercise, if OECD stocks fell by 0.5 mb/d until the end of 1Q18 when the current output agreements expire they would still be about 60 mb above the five-year average.

BP PROFIT $553 MLN
August, 16, 09:35:00

ЦЕНА URALS: $ 49,94

Средняя цена нефти марки Urals по итогам января - июля 2017 года составила $ 49,94 за баррель.

BP PROFIT $553 MLN
August, 16, 09:30:00

OPEC: GLOBAL OIL DEMAND WILL UP TO 97.8 MBD

OPEC said world oil demand in 2018 will grow 1.28 million b/d from 2017 levels, meaning that total oil consumption is expected to hit a new record high of 97.8 million b/d in 2018.

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