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BP's quarterly net profit slumps as gas prices drop

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BP has today reported first-quarter earnings of $2.7 billion, down 40% from a year earlier and missing forecasts due to lower energy prices and a US refinery outage, even as oil and gas production increased.

The London-based company held its dividend at 7.27 cents per share and maintained the rate of its share buyback programme at $1.75 billion over the next three months, similar to the previous quarter.

Auchincloss, who was head of finances under Looney, has vowed to simplify BP's operations and cut costs in the face of investor doubts over the company's plans to reduce its focus on oil and gas and expand a low-carbon business. It said its first-quarter underlying replacement cost profit, the company's definition of net income, of $2.7 billion, missed the forecast of $2.87 billion in a company-provided survey of analysts.BP beat earnings forecasts in the previous quarter but had substantially missed them in the previous two.

BP's oil and gas production rose by 2.1% from a year earlier to 2.38 million barrels of oil equivalent per day.

Source: News Formal (newsformal.com)

Business BP Oil Prices Gas Prices

 

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