BP’s profit up in Q1 2019
Baku, Azerbaijan, April 30
By Leman Zeynalova – Trend:
BP’s profit for the first quarter of 2019 was $2,934 million, compared with $2,469 million for the same period in 2018, Trend reports citing the company.
“Underlying replacement cost profit for the first quarter of 2019 was $2.4 billion, compared to $2.6 billion a year earlier. The result reflected the weaker price and margin environment at the start of the quarter, partially offset by strong supply and trading results. – Operating cash flow, excluding Gulf of Mexico oil spill payments, for the quarter was $5.9 billion, including a $1.0-billion working capital build (after adjusting for inventory holding gains). Gulf of Mexico oil spill payments in the quarter were $0.6 billion. – Dividend of 10.25 cents a share announced for the quarter, 2.5 percent higher than a year earlier,” reads the quarterly report by BP.
This is while organic capital expenditure for the first quarter was $3.6 billion.
“We reported $3.5 billion for the same period in 2018 (prior to the implementation of IFRS 16). Inorganic capital expenditure for the first quarter was $2.0 billion, including $1.7 billion relating to the BHP acquisition, compared with $0.4 billion for the same period in 2018,” the report said.
BP is a global energy business with wide reach across the world's energy system. It has operations in Europe, North and South America, Australia and Africa.
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