Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 460.00
Bid: 458.70
Ask: 458.90
Change: -4.90 (-1.05%)
Spread: 0.20 (0.044%)
Open: 464.40
High: 465.45
Low: 457.80
Prev. Close: 464.90
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

BP first-quarter profits fall but cash flow swells - UPDATE

Tue, 29th Apr 2014 07:10

- Q1 production down 8.5 per cent- Q1 underlying profit down 23 per cent YOY- Profit up 14.3 per cent on Q4 2013- Dividend of 9.75 cents, up 8.3 per cent- Q2 production to be lower due to maintenanceProfits for the first quarter at BP fell 23 per cent year-on-year, slightly ahead of consensus forecasts, with both upstream and downstream businesses lower as the company continues its strategic realignment. Underlying profit for the first quarter was $3.23bn, compared with $4.22bn a year ago and 4% ahead of consensus forecasts, somewhat flattered by a low average tax charge.The group said results were hit by higher costs from exploration write-offs and depreciation, depletion and amortisation, lower liquids realisations and lower production, which were partly offset by strong gas marketing and trading results and higher gas realisations.Production for the first quarter fell 8.5% to 2.13m barrels of oil a day.Chief Executive Bob Dudley called the performance a "very solid start" to the year and pointed to strong operating cash flow, exploration success and upstream project start-ups, and the ramp-up of the upgraded Whiting refinery.The FTSE 100 company pointed out that it has completed £7.6bn of its current $8bn share buyback programme, with divestments totalling over $3bn agreed toward a total target of $10bn by the end of 2015.Including a small impact from the effects of the Gulf of Mexico oil spill, net cash provided more than doubled to $8.2bn during the period, thanks to much lower working capital.The board proposed a quarterly dividend of 9.75 cents per share to be paid in June, 8.3% higher than a year earlier.Analysts at broker Investec said the dividend increase was perhaps shy of some forecasts but that cash flow was "seasonally strong" and "a good first step" towards BP's full-year target.The broker said that the results were broadly in line with forecasts, with a strong oil and gas trading performance offsetting a weaker rouble and a $0.5bn write-off in the US. Looking forward, Dudley said: "We expect material growth in operating cash flow, coupled with disciplined investment, to deliver sustainable growth in free cash flow. This will support increasing distributions to our shareholders. As well as progressive growth in the dividend per share, we expect to use surplus cash to support further distributions through share buy-backs or other mechanisms."He said management remained confident of delivering their 10-point plan targets that it set in 2011 for delivery in 2014.The company's outlook statement warned that second-quarter production was expected to be lower than the first quarter primarily due to planned major turnaround activity, mainly in the higher-margin North Sea and Gulf of Mexico regions. "We expect the turnaround impact on production to be slightly less than the impact experienced in the second quarter of 2013," it said.Shares in BP were up 1.2% to 494.3p by 13:00 on Tuesday.OH
More News
23 Dec 2023 12:30

Poland's Orlen files Venture Global LNG arbitration case -Bloomberg News

Dec 23 (Reuters) - Polish oil and gas firm Orlen has lodged an arbitration case against Venture Global LNG which alleges that the U.S. exporter of liquefied natural gas was not honouring a long-term contract, Bloomberg News reported on Saturday.

Read more
22 Dec 2023 19:54

More ships carrying oil avoid Red Sea route

HOUSTON, Dec 22 (Reuters) - At least two ships transporting oil or oil products between the U.S. Gulf Coast and India on Friday were re-routing from the Red Sea, according to vessel tracking data, as a U.S.-led coalition geared up to help safeguard vessels from attacks by Yemen's Houthi militants.

Read more
22 Dec 2023 19:29

More ships carrying oil avoid Red Sea route

HOUSTON, Dec 22 (Reuters) - At least two ships transporting oil or oil products between the U.S. Gulf Coast and India on Friday were re-routing from the Red Sea, according to vessel tracking data, as a U.S.-led coalition geared up to help safeguard vessels from attacks by Yemen's Houthi militants.

Read more
22 Dec 2023 19:24

Equinor takes stakes in 2 Angola oil exploration blocks

OSLO, Dec 22 (Reuters) - Equinor has secured stakes in two more oil exploration blocks offshore Angola as it seeks to extend its presence in the country, the head of the Norwegian company's Africa operation said in a statement on Friday.

Read more
22 Dec 2023 19:20

Equinor takes stakes in 2 Angola oil exploration blocks

OSLO, Dec 22 (Reuters) - Equinor has secured stakes in two more oil exploration blocks offshore Angola as it seeks to extend its presence in the country, the head of the Norwegian company's Africa operation said in a statement on Friday. (Reporting by Terje Solsvik, editing by Essi Lehto)

Read more
22 Dec 2023 11:00

US offshore wind poised for success next year after turbulent 2023

NEW YORK, Dec 22 (Reuters) - The U.S. offshore wind industry is eying a brighter 2024, with work expected to start on several projects following a year marked by stalled developments and billions of dollars in write-offs.

Read more
20 Dec 2023 18:16

US Gulf of Mexico oil auction is largest since 2015

Dec 20 (Reuters) - A Biden administration auction of Gulf of Mexico drilling rights raised $382 million on Wednesday as oil companies claimed offshore acreage for what is set to be the last time until 2025.

Read more
20 Dec 2023 17:37

US Gulf of Mexico oil auction raises $382 million in high bids

Dec 20 (Reuters) - A Biden administration auction of Gulf of Mexico drilling rights raised more than $382 million on Wednesday, the highest total for a federal offshore oil and gas auction since 2015.

Read more
20 Dec 2023 17:00

Sustainable Finance Newsletter - This time it's different for US SEC climate rules

Dec 20 (Reuters) -

Read more
20 Dec 2023 15:36

Shipping container price surge to reverse due to overcapacity -logistics platform

MUMBAI, Dec 20 (Reuters) - Higher prices for containers used by merchant ships caused by attacks on Red Sea shipping are likely to fall back in three to nine months to levels seen in early December due to market overcapacity, the head of an online container logistics platform said on Wednesday.

Read more
20 Dec 2023 15:05

London close: Stocks rise as UK inflation slows further

(Sharecast News) - London's stock markets saw a notable upswing on Wednesday, driven by encouraging data revealing a greater-than-anticipated slowdown in UK inflation for November.

Read more
19 Dec 2023 20:11

Norwegian Johan Sverdrup crude prices soar on Red Sea shipping issues

LONDON, Dec 19 (Reuters) - Prices for Norway's Johan Sverdrup crude soared on Tuesday, a move traders said could be linked to mounting concerns around the security of crude flows into Europe following maritime attacks by Yemen's Houthis in the Red Sea.

Read more
19 Dec 2023 19:10

US launches Red Sea force as ships reroute to avoid attacks

Crisis is spillover from Israel-Hamas war

*

Read more
19 Dec 2023 17:14

Shippers mask positions, weigh options amid Red Sea attacks

Dec 19 (Reuters) - A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.

Read more
19 Dec 2023 17:01

LONDON MARKET CLOSE: Stocks close higher ahead of UK inflation data

(Alliance News) - Stock prices in Europe closed higher on Tuesday, after data confirmed that the eurozone is inching closer towards its 2% inflation targets.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.