BP profits fly up 71 per cent as company releases best results in three years

 
Josh Mines
Oil Prices Rise As BP Shuts Pipeline
The oil and gas company reported its best results in three years (Source: Getty)

BP profits soared to $2.6bn (£1.9bn), a 71 per cent boost from the same period last year when it stood at $1.5bn, in what the oil giant hailed as its best results in three years.

Operating cash flow excluding payments made following the oil spill in the Gulf of Mexico stood at $5.4bn, including a $1.8bn negative impact from an increase in working capitals.

Analysts last week predicted a strong surge in profit for BP, due to a rise in oil prices to $75 a barrel.

Read more: BP expected to record a surge in first quarter profits

The company's natural oil and gas exploration unit Upstream enjoyed its strongest first quarter since the third quarter of 2014 on both a replacement cost and underlying basis.

Oil and gas production was up six per cent from 2017's first quarter, as BP made 3.7m barrels of oil equivalent a day in the quarter.

BP's dividend stayed at 10 cents per share.

The news comes in the wake of the company appointing Helge Lund as its new chairman, as it signed off two new developments in the North Sea.

Chief executive of BP Bob Dudley said:

Our safe and reliable operations and strong financial delivery have continued into 2018. Underlying profit was up 23 per cent on the previous quarter and was our best quarterly result in three years. With rising output from our new major projects and excellent reliability, Upstream production was 9 per cent higher than a year earlier.

Moving through 2018 we’re determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns.

Over the longer term, our new lower carbon ambitions, including clear targets for our own emissions, will help ensure that all of BP is also focused on advancing the energy transition.

Read more: BP picks new chairman as "darkest days" leader Svanberg steps down

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