2019-05-02 16:10:00
BP'S RC PROFIT $2 BLN
BP - BP p.l.c. Group results First quarter 2019
Highlights
Resilient earnings and cash flow, continued strategic progress
• Earnings and cash flow
– Underlying replacement cost profit for the first quarter of 2019 was $2.4 billion, compared to $2.6 billion a year earlier. The result reflected the weaker price and margin environment at the start of the quarter, partially offset by strong supply and trading results.
– Operating cash flow, excluding Gulf of Mexico oil spill payments, for the quarter was $5.9 billion, including a $1.0-billion working capital build (after adjusting for inventory holding gains). Gulf of Mexico oil spill payments in the quarter were $0.6 billion.
– Dividend of 10.25 cents a share announced for the quarter, 2.5% higher than a year earlier.
• New projects and marketing growth
– Reported oil and gas production for the quarter averaged 3.8 million barrels a day of oil equivalent. Upstream production, which excludes Rosneft, was 2% higher than a year earlier. BP-operated Upstream plant reliability was 96.2%.
– Integration of US onshore assets acquired from BHP continues, with BP taking operational control in March.
– Three Upstream major projects – in Trinidad, Egypt and the Gulf of Mexico – have started production in 2019 and BP has taken final investment decisions for three more Upstream major projects.
– Downstream continued growth in fuels marketing reflected increased numbers of convenience partnership sites and expansion in new markets.
• Advancing low carbon
– Strong progress is being made towards BP's published targets for operational greenhouse gas (GHG) emissions, with reduced operational GHG emissions in 2018, good delivery of sustainable GHG emissions reductions, and methane intensity remaining on target.
– A $100-million fund to support new emissions-reducing projects in the Upstream was announced, as well as an agreement with Environmental Defense Fund to advance technologies and practices to reduce oil and gas industry methane emissions.
Bob Dudley – Group chief executive:
BP's performance this quarter demonstrates the strength of our strategy. With solid Upstream and Downstream delivery and strong trading results, we produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds. Moving through the year, we will keep our focus on disciplined growth, with efficient project execution and safe and reliable operations.
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Earlier:
2019, February, 18, 11:35:00
BP: NUCLEAR POWER UP TO 3400 TWH
BP - The 2019 edition of BP’s Energy Outlook, published today, explores the key uncertainties that could impact the shape of global energy markets out to 2040. The greatest uncertainties over this period involve the need for more energy to support continued global economic growth and rising prosperity, together with the need for a more rapid transition to a lower-carbon future.
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2019, February, 15, 11:50:00
BP ENERGY OUTLOOK 2019
BP - The 2019 edition of BP’s Energy Outlook, published today, explores the key uncertainties that could impact the shape of global energy markets out to 2040. The greatest uncertainties over this period involve the need for more energy to support continued global economic growth and rising prosperity, together with the need for a more rapid transition to a lower-carbon future.
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2019, February, 15, 11:45:00
BP INVESTMENT FOR EGYPT $1.8 BLN
CNBC - Asked how much BP could spend in Egypt in 2019, Dudley said the amount would be significant. "There will be a third phase we're spending on, we're exploring today with other companies ... (So we'll be spending) $1.8 billion give or take. That's a lot," he said.
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2019, February, 6, 10:35:00
BP PROFIT $9.4 BLN
BP - Underlying replacement cost profit for full year 2018 was $12.7 billion, more than double that reported for 2017. The fourth quarter result was $3.5 billion, driven by the strong operating performance across all business segments.
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2018, November, 2, 11:45:00
BP - BHP ACQUISITION: $10.5 BLN
BP - BP has completed the $10.5 billion acquisition of BHP’s U.S. unconventional assets in a landmark deal that will significantly upgrade BP’s U.S. onshore oil and gas portfolio and help drive long-term growth.
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2018, October, 31, 12:55:00
BP PROFIT $3.9 BLN
BP - For the third quarter, underlying RC profit was $3,838 million, compared with $1,865 million in 2017. Underlying RC profit is after adjusting RC profit for a net charge for non-operating items of $649 million and net adverse fair value accounting effects of $98 million (both on a post-tax basis). RC profit was $3,091 million for the third quarter, compared with $1,379 million in 2017.
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2018, October, 12, 11:25:00
BP: OIL PRICE $60 - $65
PLATTS - "If sanctions were put on Rosneft or Lukoil or Gazprom, like what happened to Rusal, you would virtually shut down the energy systems of Europe," Dudley said.
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