May 1, 2018
Opening Quote: BP lets the good times... flow
As a result, underlying replacement cost profit for the period rose by 71 per cent year-on-year to $2.6bn, reflecting a much lower net non-operating charge of $104 million, compared with the first quarter of 2017. Even when the Gulf of Mexico costs are counted, operating cash flow for the first quarter was still $3.6bn, up from $2.1 billion in the same period of 2017. BP left its dividend unchanged at 10 cents per share. BP reported an average oil price of $61.40 for the period. Shell reported an average price of $60.66 during its first quarter, up by 25 per cent on the same period last year.
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