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BP reports a healthy profit

2nd May 17 8:25 am

These are the figures

BP has reported a healthy profit in the three months to March, this was helped by an increase in oil prices.

The $1.4bn (£1.1bn) profit, on the replacement cost measure can be compared with a $485m loss a year earlier.

As well as this oil prices have been on the increase by around 35 per cent in the first three months of 2017, compared with a year earlier.

This aided BP’s revenue from its core oil and gas production division.

BP chief executive Bob Dudley said: “Our year has started well.”

He also added: “BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust.”

BP’s underlying replacement cost profit, this is the firms preferred measure, was $1.5bn compared with $532m a year ago.

Its operating cash flow managed to rise to $4.4bn from $3bn a year earlier.

As well as this oil and gas production was reported to be five per cent higher than the same period in 2016.

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