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.
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WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.
BLOOMBERG - The Norwegian government in June made its first deposit into its wealth fund since the end of 2015. Now that the economy is in full recovery and the labor market is tightening, winding down fiscal stimulus is a key priority in next year’s budget, the prime minister said in an interview in Arendal, on Norway’s southern coast.
PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.
REUTERS - Benchmark Brent crude oil LCOc1 was up 10 cents at $72.91 a barrel by 0930 GMT. U.S. light crude CLc1 was unchanged at $67.63 a barrel.