Quarterly results

First quarter results show BP focused on disciplined delivery with momentum building

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1Q 2017

"Our year has started well. BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust. We have shown continued operational momentum - it was another strong quarter for the Downstream and the first of our seven new Upstream major projects has started up, with a further three near completion. We expect these to drive a material improvement in operating cash flow from the second half." - Bob Dudley, group chief executive

  • Underlying replacement cost profit for the first quarter was $1.5 billion.
  • First quarter operating cash flow, excluding payments related to the Gulf of Mexico oil spill, of $4.4 billion. Including these payments, operating cash flow was $2.1 billion.
  • Dividend unchanged at 10 cents per share.
  • Reported oil and gas production was 3.5mmboe/d in the first quarter, 5% higher than same period in 2016.
  • New Upstream major projects on track: Trinidad onshore compression project started up, another in ramp-up, and two more in commissioning.
  • Downstream marketing growth and strong operational performance.
  • $1.7 billion divestment of BP’s interest in SECCO petrochemical joint venture, subject to regulatory approvals.

Results presentation

Brian Gilvary, chief financial officer hosted a webcast covering our results for the first quarter. This was followed by a question and answer session.

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