BP increases gas output, lowers oil production

Oil&Gas Materials 27 April 2021 11:16 (UTC +04:00)
BP increases gas output, lowers oil production

BAKU, Azerbaijan, Apr.27

By Leman Zeynalova – Trend:

BP’s reported production in gas and carbon energy for the quarter was 909mboe/d, 1 percent higher than the same period in 2020, Trend reports citing the company.

Underlying production was 3.2 percent lower, mainly due to decline in Trinidad partly offset by major project growth in India and Oman and recovery from planned maintenance. The renewables pipeline grew in the quarter by 2.9GW (bp net) as a result of Lightsource bp's (LSbp) pipeline growth and our selection as preferred bidder for two major leases in the UK Offshore Wind Round 4 with our partner EnBW.

Oil production for the quarter was 1,309mboe/d, 22.1 percent lower than the first quarter of 2020. This includes the impact of divestments, mainly in bpx energy and Alaska. Underlying production for the quarter decreased by 7.4 percent mainly due to impacts from reduced capital investment levels and decline.

Reported profit for the quarter was $4.7 billion, compared with $1.4 billion profit for the fourth quarter 2020. Underlying replacement cost profit was $2.6 billion, compared with $0.1 billion for the previous quarter. This result was driven by an exceptional gas marketing and trading performance, significantly higher oil prices and higher refining margins. Operating cash flow of $6.1 billion was underpinned by strong business performance, with a working capital build (after adjusting for inventory holding gains) of $1.2 billion including $0.5 billion of severance payments. This build was largely offset by other timing differences. Divestment and other proceeds were $4.8 billion in the quarter, including $2.4 billion from the divestment of a 20 percent stake in Oman Block 61 and $1.0 billion final instalment for the sale of the petrochemicals business.


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