Apr 30, 2019

BP earnings hit by weaker prices and refinery margins

BP joined its rivals in reporting lower first-quarter earnings compared with a year ago as the UK-listed energy major noted weaker prices and refinery margins. Downstream results were affected by "Narrower" discounts of heavy crude oil that usually benefit BP's Whiting, Indiana refinery. Biraj Borkhataria, at RBC Capital Markets, said BP's results showed "Strong underlying earnings momentum". Production cuts in Canada and lower natural gas prices took a toll on Exxon Mobil and Chevron in the US. French oil group Total said volatile hydrocarbon prices and debt costs hit first-quarter earnings, while Royal Dutch Shell reports on Thursday. BP announced a quarterly dividend of 10.25 cents a share and its shares were up 0.4 per cent in early trading.

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