BP reports lower than expected first quarter profit of $2.3 billion
Oil giant BP (LON:BP) has reported a first quarter profit of $2.3 billion, significantly lower than the company's $8.2 billion result in the same period last year.
first quarter
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Amec’s “asset-light” strategy sees it post strong returns
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Statoil unexpectedly posts profit in first quarter amid oil drop
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Total quarterly profit beats estimates, helped by refining
Total SA’s first-quarter profit fell 37 percent, beating analysts’ forecasts as cost cuts, rising production and resilient refining profits helped the French company offset the slump in crude prices.
BP profit beats estimates as refining offsets oil’s plunge
BP Plc reported first-quarter profit that was more than double analysts’ estimates as earnings from refining and trading offset lower crude prices. The first results this year from the world’s largest oil companies demonstrate the protection against lower prices gained from processing and selling fuel. France’s Total SA also reported better-than-expected earnings today. BP Chief Executive Officer Bob Dudley is setting the company up for a longer period of low oil prices by slashing spending, reviewing new projects and selling assets. Today’s results will help ensure he can maintain dividend payments until prices recover. “We are resetting and re-balancing BP to meet the challenges of a possible period of sustained lower prices,” Dudley said in the statement. “The dividend is the first priority within our financial framework.”