Reuters logo
BP Q1 profits fall as oil spill still weighs
May 1, 2012 / 6:20 AM / 5 years ago

BP Q1 profits fall as oil spill still weighs

LONDON, April 30 (Reuters) - Oil producer BP reported a bigger-than-expected drop in profits on Tuesday, despite an increase in crude prices, as production fell after it was forced to sell fields to pay for the oil spill.

London-based BP said replacement cost (RC) net profit was $4.93 billion in the quarter, compared to $5.61 billion in the same period last year.

Stripping out one-off items such as the profit on asset sales, the result was $4.80 billion, below an average forecast of $5.10 billion from a Reuters poll of nine analysts.

Brent crude prices averaged $118.60 per barrel last quarter, up from $105.43 in the same period a year before.

RC earnings strip out unrealised gains or losses related to changes in the value of inventories, and as such are comparable with net income under U.S. accounting rules.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below