BP reported robust earnings and cash flow on May 2, adding that new projects are on track. Underlying replacement cost profit for the first quarter was $1.5 billion, BP said in a press release.

“Our year has started well,” BP CEO Bob Dudley said. “BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust. We have shown continued operational momentum – it was another strong quarter for the downstream and the first of our seven new upstream major projects has started up, with a further three near completion. We expect these to drive a material improvement in operating cash flow from the second half,” Dudley added.

First quarter operating cash flow, excluding payments related to the Gulf of Mexico oil spill, of $4.4 billion. Including these payments, operating cash flow was $2.1 billion, BP said, adding that dividend remained unchanged at 10 cents per share.

Reported oil and gas production was 3.5mmboe/d in the first quarter, 5% higher than same period in 2016, BP said.

New upstream major projects are on track: Trinidad onshore compression project started up, another in ramp-up, and two more in commissioning.

Downstream marketing growth and strong operational performance.

A $1.7 billion divestment of BP’s interest in SECCO petrochemical joint venture, subject to regulatory approvals, BP said.

https://www.neweurope.eu/article/bp-earnings-grow-new-projects-track/

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