Jul 31, 2018
Opening Quote: BP — showing off
BP's first quarter trading update in May had disclosed a 71 per cent rise in underlying replacement cost profit to $2.6bn - the company's best performance since 2014 - thanks to rising oil prices and a 6 per cent rise in output. Consumer account numbers were down 1 per cent, but the rate of customer loss was slower than in 2017. Centrica's business division also suffered with adjusted operating profit down 57 per cent, and there was continued weakness in the North America operation. As a result, the first half adjusted operating profit for the group was down 4 per cent to £782m. However, full-year adjusted operating cash flow is currently expected to be higher than 2017, within the targeted £2.1-£2.3bn range, and net debt within the targeted £2.5-£3bn range. In the first six months of the year its return on equity was 6.7 per cent.
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