BP Swings To Profit In Q1 - Quick Facts

(RTTNews) - BP PLC (BP.L, BP_UN.TO, BP) reported first-quarter profit to shareholders of $1.45 billion, compared to loss of $583 million in the previous-year quarter. Earnings per ADS were $0.44, compared to loss per ADS of $0.19 a year ago.

The Group reported first-quarter replacement cost profit of $1.41 billion, compared to loss of $485 million a year ago. Replacement cost profit per ADS was $0.43, compared to loss of $0.16 per ADS last year.

After adjusting for items, first-quarter underlying replacement cost profit was $1.51 billion, compared to profit of $532 million for the first quarter of 2016. Underlying replacement cost profit per ADS $0.46, compared to $0.17 in the same period last year.

Sales and other operating revenues for the quarter grew to $55.86 billion from $38.51 billion a year ago. Total revenues and other income rose to $56.39 billion from $39.17 billion last year.

Production for the quarter was 2,388 mmboe/d, 3 percent higher than the same period last year. Underlying production for the quarter also increased by 3 percent.

BP announced a dividend for the quarter of 10 cents per ordinary share, expected to be paid on 23 June 2017.

Looking ahead, BP expects second-quarter reported production to be broadly flat with the first quarter, with the continued ramp-up of major projects offset by seasonal turnaround and maintenance activities.

Following a review of its petrochemicals portfolio, BP announced in late April its intention to divest its 50 percent shareholding in Shanghai SECCO Petrochemical Company Limited joint venture in China for a consideration of $1.7 billion. This transaction is subject to regulatory approvals.