post-title BP profits helped by higher oil prices

BP profits helped by higher oil prices

BP profits helped by higher oil prices

BP profits helped by higher oil prices

The recent increase in oil prices has helped BP to record a healthy profit for the three months to March.

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

Oil prices have been about 35% higher in the first three months of 2017 compared with a year earlier, boosting revenue from BP’s core oil and gas production division.

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

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

New projects

Underlying replacement cost profit – the company’s preferred measure – was $1.5bn compared with $532m a year ago.

And operating cash flow rose to $4.4bn from $3bn a year earlier

Reported oil and gas production was 5% higher than same period in 2016.

BP held the quarterly dividend at 10 cents. Given the size of BP, the payout is watched closely by investors.

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