BP profits surge by 71 percent in Q1

LONDON (AA) – Underlying replacement cost profit, used as a proxy for net profit, in the first quarter of the year amounted to $2.6 billion, up 71 percent compared with the same quarter of last year, British Petroleum (BP) said in a statement Tuesday.

Underlying replacement cost profit for the first quarter of 2017 totaled $1.5 billion.

“We have delivered another strong set of results. Our safe and reliable operations and strong financial delivery have continued into 2018.” Bob Dudley, Group chief executive of BP said regarding to the recent data.

Operating cash flow excluding Gulf of Mexico oil spill payments in the quarter reached $5.4 billion while reported oil and gas production 3.7 million barrels of oil equivalent a day in the quarter, 6 percent higher than the first quarter of 2017.

Gulf of Mexico oil spill payments in the quarter were $1.6 billion on a pre-tax basis, including $1.2 billion for the final payment relating to the 2012 Department of Justice settlement.