BP’s profit rises in 1Q2017
Baku, Azerbaijan, May 2
By Leman Zeynalova – Trend:
BP’s profit for the first quarter of 2017 was $1,449 million, compared with a loss of $583 million for the same period in 2016, the company said in its report.
“Organic capital expenditure for the first quarter was $3.5 billion, compared with $4.5 billion for the same period in 2016. We continue to expect organic capital expenditure to be in the range of $15-17 billion for 2017,” said the company. “Inorganic capital expenditure for the first quarter was $0.5 billion. There was no inorganic capital expenditure for the same period in 2016.”
BP’s Upstream major project program is on track to provide 800,000 barrels of oil equivalent per day of new production by 2020, according to the report.
“We expect second-quarter 2017 reported production to be broadly flat with the first quarter with the continued ramp-up of major projects offset by seasonal turnaround and maintenance activities,” said the company.
BP chief executive Bob Dudley said that the company is focused on the disciplined delivery of its plans.
“Our year started well. First quarter earnings and cash flow were robust. We have shown continued operational momentum - it was another strong quarter for the Downstream and the first of our seven new Upstream major projects has started up, with a further three near completion. We expect these to drive a material improvement in operating cash flow from the second half,” he added.
BP is a global energy company with wide reach across the world’s energy system. It has operations in Europe, North and South America, Australasia, Asia and Africa.
It is the largest foreign investor in Azerbaijan's oil and gas sector and the operator of the Azeri-Chirag-Gunashli offshore oil and gas block, as well as the Shah Deniz gas and condensate field.
BP is also a participant of such pipeline projects as the Baku-Tbilisi-Ceyhan and South Caucasus Pipeline.
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