• 4 minutes Trump has changed into a World Leader
  • 7 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 8 minutes Indonesia Stands Up to China. Will Japan Help?
  • 10 minutes US Shale: Technology
  • 13 minutes Which emissions are worse?: Cows vs. Keystone Pipeline
  • 17 minutes Shale Oil Fiasco
  • 10 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 15 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 5 hours Phase One trade deal, for China it is all about technology war
  • 8 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 1 hour Might be Time for NG Producers to Find New Career
  • 12 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 15 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 10 hours Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 14 hours Wind Turbine Blades Not Recyclable
  • 13 hours Denmark gets 47% of its electricity from wind in 2019
  • 1 day Beijing Must Face Reality That Taiwan is Independent
Alt Text

The Latest Texas Oil Boom Has Sent Emissions Soaring

The ongoing growth of fracking…

Alt Text

Will Oil Prices Crash Or Rally When Iran Reacts?

Oil prices have soared following…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

BP Triples Q1 Profit, Latest Oil Major To Beat Estimates

In another sign that oil majors are recovering with the help of higher oil prices this year, BP (NYSE:BP) reported on Tuesday a first-quarter underlying replacement cost profit – its definition of net income – of US$1.51 billion, nearly triple the US$532-million profit for the first quarter last year and beating the consensus estimates of US$1.26 billion.

BP was largely expected to report a strong recovery in profits, but the analyst consensus was pegged at US$1.26 billion, according to The Times.

Following last week’s Q1 earnings released by the U.S. majors, Exxon and Chevron, which both easily beat estimates, now BP’s figures are the latest signal that the oil industry’s supermajors are starting to shake off the effects of the oil price rout.

Excluding post-tax amounts related to the Gulf of Mexico oil spill, BP’s operating cash flow jumped to US$4.4 billion in Q1 2017 from US$3.0 billion for the same period last year.

BP’s oil and gas production increased by 5 percent compared to the first quarter of 2016. In the upstream, BP expects 800,000 boed of new production by 2020, it said.

Organic capital expenditure for Q1 2017 dropped to US$3.5 billion from US$4.5 billion for the same period in 2016. BP continues to expect total 2017 organic capex in the range of US$15-17 billion.

BP, however, increased its net debt to US$38.6 billion as of 31 March 2017, compared to US$30.0 billion a year ago, with gearing – that is net debt ratio - at 28.0 percent, compared with 23.6 percent a year ago. That’s closer to the upper end of BP’s target to keep gearing within the 20-30 percent range. Related: ‘’OPEC Has Failed’’

Looking ahead, BP provided its outlook for the second quarter, saying it expects production to be broadly flat with Q1, with ramp-up of major projects offsetting seasonal turnaround and maintenance activities. Improved industry refining margins are expected to be offset by both narrower North American heavy crude oil differentials and a higher level of turnaround activity in Q2 compared with Q1.

“The environment is still uncertain with factors at play such as OPEC’s decision on extending its production cuts and the level of tight oil production in the US. But overall we expect the market fundamentals, driven by above average demand, to support a continued rebalancing,” BP’s CFO Brian Gilvary said, commenting on BP’s expectations for the rest of the year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment
  • Citizen on May 16 2017 said:
    You industry idiots are REALLY fooling yourselves if you think for a minute that you have the support of the citizenry of this planet. You DESTROYED the Gulf of Mexico, half-assed the cleanup, hid oil by sinking it to the ocean floor, set up a classified recovery scene worth of a crashed UFO, and defied the courts on nearly EVERY damage settlement. All along you were doing NOTHING but pay lip service to safety regulations and that has not changed. You want us to get up and shout praises for your industry? Act like responsible members of society. At this point you are ENEMIES of society.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play