BP BP Plc

By Oliver Griffin

Oil giant BP PLC (BP.LN) reported results for its first-quarter earnings on Tuesday. Here's how it went down:

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--came in at $2.4 billion. While this was lower than the $2.6 billion reported in the first quarter of 2018, it beat analyst forecasts. A consensus of 24 broker forecast supplied by the company expected underlying replacement cost profit of $2.3 billion.

WHAT WE WATCHED:

-CASH FLOW: First-quarter operating cash flow, excluding payments related to the 2010 Gulf of Mexico oil spill, came in at $5.9 billion, up from $5.4 billion in the year-earlier period.

-PRODUCTION: During the first quarter, reported production came in at an average of 3.8 million barrels of oil equivalent a day. This was 2.4% higher than in the year-earlier period.

Shares at 0954 GMT were up 0.8% at 556.70 pence.

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

(END) Dow Jones Newswires

April 30, 2019 06:23 ET (10:23 GMT)

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