Deliverance

2 May 2017 By Andy Critchlow

After several years of pain the oil giant has almost recovered from its near-death experience in the Gulf of Mexico. Earnings tripled in the first quarter, helped by favorable prices and higher output. Even its hefty debt pile is manageable provided it keeps production flowing.

This content is for Subscribers only

Context News

BP said on May 2 its first-quarter earnings tripled compared to a year earlier.

The UK oil major reported underlying replacement cost profit – its equivalent for net income – of $1.5 billion for the period ending March 31.

Net debt jumped to $38.6 billion in the quarter, compared with $35.5 billion at the end of December and $30 billion a year earlier.

International oil companies have benefitted from rising crude prices over the last year. Brent crude has gained 8.7 percent in the last 12 months and was trading at $51.86 per barrel at 1016 BST on May 2.

At 1000 BST on May 2 BP shares were up 1.5 percent at 449 pence.

Email a friend

Please complete the form below.

Required fields *