BP BP Plc

   By Oliver Griffin 
 

U.K.-based oil-and-gas company BP PLC (BP.LN) reported its first-quarter results on Tuesday. Here's how the results came in:

UNDERLYING REPLACEMENT COST PROFIT: BP's first-quarter underlying replacement cost profit--a figure that is similar to the net profit figure U.S. oil companies use, but strips out one-off items--was $2.6 billion, 18% higher than analysts had forecast and 71% higher than in the year-earlier period.

WHAT WE WATCHED:

DEEPWATER HORIZON: BP said that it paid $1.6 billion relating to a settlement with the U.S. Department of Justice over the 2010 Gulf of Mexico disaster. During its 2017 fourth-quarter results the company said that repayments in 2018 would be $3 billion, weighted towards the first half of the year.

DIVESTMENTS: BP completed $200 million of divestments in the first quarter. The company previously forecast divestments for 2018 in a range between $2 billion and $3 billion, meaning that there is still some way to go.

Shares at 0912 GMT were up 0.9%, or 4.70 pence, at 542.70 pence per share.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

May 01, 2018 05:35 ET (09:35 GMT)

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