2019-07-30 11:05:00
BP PROFIT $2.8 BLN
BP - BP p.l.c. Group results Second quarter and half year 2019
Strong financial results
– Underlying replacement cost profit for the second quarter of 2019 was $2.8 billion, similar to a year earlier. The quarter's result largely reflected continued good operating performance, offset by oil prices lower than in the second quarter of 2018.
– Non-operating items in the second quarter of $0.9 billion, post-tax, related mainly to impairment charges.
– Operating cash flow, excluding Gulf of Mexico oil spill payments, was $8.2 billion for the second quarter, including a $1.5-billion working capital release (after adjusting for net inventory holding gains), and $14.2 billion for the first half, including a $0.5-billion working capital release.
– Gulf of Mexico oil spill payments of $1.4 billion on a post-tax basis in the second quarter were primarily the scheduled annual payments.
– A dividend of 10.25 cents a share was announced for the quarter.
• Solid Upstream and Downstream performance
– Reported oil and gas production for the quarter averaged 3.8 million barrels a day of oil equivalent, 4% higher than a year earlier.
– With the start-up of Culzean in the North Sea this quarter, four Upstream major projects have begun production in the first half of the year.
– Final investment decisions were taken in the quarter for new Upstream major projects in India and the Gulf of Mexico, as well as agreement for additional investment in Angola.
– In Downstream, quarter on quarter growth in lubricants and fuels marketing, more than offset by planned turnarounds ahead of IMO 2020.
• Growing low carbon businesses
– BP agreed to combine its Brazilian biofuels and biopower business with that of Bunge in a new equally-owned joint venture. On completion, BP's interest in the venture will be more than 50% larger than its existing biofuels business.
– Lightsource BP (43% owned by BP) has continued to make strong progress, including agreeing a significant expansion in Brazil.
– BP agreed a $30 million venturing investment in Calysta, which will use BP's natural gas to produce protein feed for aquaculture and agriculture.
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Earlier:
2019, June, 4, 15:05:00
BP SELLS EGYPT
BP has agreed to sell its interests in Gulf of Suez oil concessions in Egypt to Dragon Oil, the Dubai-based oil and gas company. Under the terms of the agreement, Dragon Oil will purchase producing and exploration concessions, including BP’s interest in the Gulf of Suez Petroleum Company (GUPCO).
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2019, May, 2, 16:10:00
BP'S RC PROFIT $2 BLN
For the first quarter, underlying replacement cost (RC) profit* was $2,358 million, compared with $2,586 million in 2018. Underlying RC profit is after adjusting RC profit* for a net charge for non-operating items* of $252 million and net adverse fair value accounting effects* of $11 million (both on a post-tax basis). RC profit was $2,095 million for the first quarter, compared with $2,389 million in 2018.
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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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