BP swings to a profit as Brent crude prices rise

By The Associated Press

Oil producer BP swung to a profit in the first quarter as rising crude prices and cost savings erased losses in the same period last year.

 

LONDON (AP) — Oil producer BP swung to a profit in the first quarter as rising crude prices and cost savings erased losses in the same period last year.

BP on Tuesday reported net income of $1.45 billion versus a year-earlier loss of $583 million. Underlying replacement cost profit rose to $1.51 billion from $532 million. The profit measure, which excludes one-time items and fluctuations in the value of inventories, is the industry's preferred gauge of earnings.

Brent crude, the international benchmark for oil prices, averaged $53.69 a barrel in the quarter, up 58 percent from a year earlier.

BP set aside $161 million in the quarter for the aftermath of the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, bringing total charges to $62.75 billion.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs