BP 1Q Earnings Fall 12% on Weaker Prices, Margins
April 30 2019 - 2:55AM
Dow Jones News
By Oliver Griffin
BP PLC (BP.LN) posted a 12% fall in first-quarter earnings on
Tuesday, attributing the result to weaker prices and margins.
The U.K. oil-and-gas giant said its replacement cost profit--a
metric similar to the net income figure that U.S. oil companies
report--fell to $2.1 billion in the three months ended March 31
from $2.39 billion in the year-earlier period.
Stripping out one-off items, BP's underlying replacement cost
profit, the company's preferred metric, fell 8.8% to $2.4 billion.
A company-compiled consensus of 24 brokers' estimates had forecast
the company's first-quarter underlying replacement cost profit at
$2.3 billion.
Revenue during the quarter fell 2.5% to $67.4 billion, BP
said.
Operating cash flow for the first three months of the year,
excluding payments related to the Gulf of Mexico oil spill, hit
$5.9 billion, BP said. Payments related to the oil spill, which
happened in 2010, were $600 million in the quarter.
BP declared a quarterly dividend of 10.25 cents a share. This is
in line with prior quarters but up on the year-earlier period, when
BP declared a dividend of 10 cents a share.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
April 30, 2019 02:40 ET (06:40 GMT)
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