Belfast Telegraph

BP back in profit after cost-cutting

By Holly Williams

Oil giant BP has returned to profit in the first three months of the year thanks to rising oil prices and its ongoing cost cutting efforts.

The group said it swung out of the red with replacement cost profits of $1.4bn (£1.1bn) for the first quarter against losses of $485m (£377m) a year earlier.

A bounce back in oil prices saw Brent crude stand around 58% higher than a year earlier in the first quarter, at around $53.69 a barrel.

Bob Dudley, group chief executive of BP, said the year had "started well" for the group.

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

On an underlying basis, BP nearly trebled replacement cost profits to $1.5bn (£1.2bn) from $532m (£413m) a year earlier.

The better-than-expected figures came after BP said it saw a 5% rise in production.

Belfast Telegraph