Tuesday, 1 May 2018

UK oil giant BP posts best quarterly result in three years



UK oil giant BP said profit soared 71% as it extracts more oil and gas and prices rise.
 
The London-based company said first-quarter underlying replacement cost profit rose to $2.6bn (£1.9bn) from $1.5bn in the same period a year earlier. In the fourth quarter of 2017, BP made a profit of $2.1bn.
 
 
Underlying replacement cost is a measure of profitability used by BP that excludes one-off costs.


Bob Dudley, chief executive at BP, said: "Underlying profit was up 23% on the previous quarter and was our best quarterly result in three years."


BP's Dudley has been driving down the cost of producing oil to below $40 a barrel after the price of crude slumped to $30 in January 2016.


A weak global economy and a glut in oil production by OPEC members and shale producers in the US crushed prices.


With oil prices rising to three-year highs of about $70 a barrel, BP and its rivals have benefitted from rising prices.





SKY     News.