The oil and gas company reported its best results in three years
02 May, 2018, 02:07
The oil giant reported profits of $2.6bn (£1.9bn) for the first quarter, up from $1.5bn in the same period a year ago, which "primarily reflects higher oil prices and a favourable foreign exchange impact".
Underlying profit was also 23 per cent higher than the previous quarter, marking BP's best results in three years.
"Moving through 2018, we're determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns", Chief Executive Officer Bob Dudley said in a statement, according to Reuters.
Cash flow from operations, excluding payments related to spill, was $5.4 billion in the first quarter.
"The market seems satisfied for now by assurances that this will represent the peak for outflows relating to the disaster, but if this is not in evidence later in the year, BP may be in for harsher treatment".
In the first three months of 2018, however, BP's debt rose to $40 billion due to the settlement of more lawsuits over the deadly 2010 Deepwater Horizon spill in the Gulf of Mexico which has cost it more than $65 billion.
The London-based company reported net income of $2.47 billion, up from $1.45 billion in the same period a year ago.
BP reported $2.6 billion in underlying replacement cost profit, its definition of net income, exceeding the $2.2 billion forecast by analysts in a company-provided survey.
"The results definitely benefit from a higher oil price that we've seen come through", Gilvary noted.
BP has chosen to return part of the higher earnings from the windfall to shareholders by buying back shares issued in lieu of dividends during the downturn, spending US$120 million buying 18 million shares in the first quarter.
The spill payment in the first quarter was "US$500 million more than I expected", although that probably means that the burden will be lower later this year, said Redburn analyst Rob West. "Cash flow was good but messy, with less cash tax paid than expected".
"It's not only about the oil price, it is also about the performance of the kit", Gilvary said.
It has so far cost the group more than 65 billion U.S. dollars (£48 billion), and although BP has all the major settlements now under its belt, it still has a few smaller legal bills to pay.
The two meetings in San Jose were split this season and the Sharks won the more recent contest 2-1 in overtime on March 22. Vegas entered the third period with a 3-1 lead but the Sharks rallied to tie the game 3-3 and force sudden death overtime.
By targeting cheap alcohol, she said minimum pricing would discourage youngsters from drinking by making it less affordable. He said: "Minimum Unit Pricing has been a very complex and costly measure to introduce".
The feature is launching in closed beta, and Facebook announced a handful of major brands using it: ASUS, Kia, Nike and Sephora. Facebook plans to roll out the feature to other countries, with additional languages, sometime in the future.
Next weekend may turn out pretty nice with partly cloudy skies and highs in the mid to upper 60s, which is generally seasonal. High pressure will clear the sky and bump up the temperature a bit this week after a cool, grey and damp weekend.
Trump used his national and global audience of millions of people to make a false factual statement to denigrate and attack Ms. Trump knew that his false statement would be read by people around the world, as well as widely reported and that Ms.
The last time we saw Ant-Man was in " Captain America: Civil War ", and the new film's story will pick-up after those events. But with both of them due to appear in Marvel's 2019 sequel, their upcoming solo adventure should explain their whereabouts.
I feel pained to see that falsehood, hatred and violence is rampant in the country today instead of truth, love and non-violence. Khurshid was reported to have told an event at Aligarh Muslim University that the Congress had bloodstains on its hands.
It was after a foul spell spread across the library on campus that a fire brigade was sent out an alert stating a chemical hazard. In 2014, patients and staff from a Melbourne hospital were evacuated amid concerns there was a gas leak at one of the wards.
Gerrard reveals talks with Rangers have been "positive"
The job would represent a huge task for the inexperienced 37-year-old considering that he has never managed at senior level. Asked about reports linking him with the post, Gerrard told BT Sport: "Yes, there is truth in the rumours".
Danish citizen jailed under new Malaysian anti-fake news law
DANISH national Salah Salem Saleh Sulaiman has become the first person to be convicted under Malaysia's new anti-fake news law. The law applies to offenders outside Malaysia and includes foreigners, if the country or any of its citizens are affected.
Can the $200 Oculus Go make virtual reality mainstream?
Battery life is set around 2 hours for playing games, and about 2.5 hours when you're streaming media and video content. That also means that all of the Gear VR's Oculus app and VR experience catalog will work with Oculus Go from day one.
Facebook wants to set you up on a date
To get to the dating feature, you'll simply tap the heart icon in the top right corner of your Facebook profile. Shares of Match Group Inc , the owner of popular dating app Tinder , plunged 18 percent after the news.
Unchanged Daredevils bowl; Ngidi debuts for CSK
Dhoni made as many four changes in the playing eleven, bringing in du Plessis, Karn Sharma, Ngidi and young Kerala pacer KM Asif . But the mood in the Chennai camp is so relaxed that they even seem to have a laugh at someone's mistake too.
Are Analysts Bearish Ricardo plc (LON:RCDO) After Last Week?
Royal Bank of Canada upgraded shares of easyJet (LON:EZJ) to an outperform rating in a research report released on Friday morning. GBG is touching GBX 487.445 during the last trading session, after decreased 1.53%.GB Group plc has volume of 160,042 shares.
Dominican Republic Establishes Diplomatic Relations with China
An unnamed Taiwanese official told Reuters that China had won the country over with a $3.1 bn package of incentives and loans. Beijing announced on Tuesday morning that it would exchange ambassadors with the Dominican Republic "as soon as practicable".
Juve pip Inter with late goals
Juve failed to impress as they played with a one-man advantage for more than one hour but did take the lead through Douglas Costa on 13 minutes when he drilled a low shot into the bottom corner.
Gulf must unite against Iran: Pompeo
Iran's presence in Syria and Iraq is in response to requests from the two countries' governments and is part of "the fight against terrorism in the region", he said.