Wednesday 17 January 2018

BP profits fall by 39pc on back of oil price slide

BP chief executive Bob Dudley. Photo: PA
BP chief executive Bob Dudley. Photo: PA

Andrew Critchlow, Commodities editor

BP has said that replacement cost profits in the first quarter slumped to $2.1bn, a 39pc decline on the same period last year amid steep falls in the price of crude.

Bob Dudley, the group chief executive of BP, said: "We are resetting and rebalancing BP to meet the challenges of a possible period of sustained lower prices. Our results today reflect both this weaker environment and the actions we are taking in response.

"We are continuing to progress our planned divestment programme, we are resetting our level of capital spending, and we are addressing costs through focusing on simplification and efficiency throughout BP.”

The losses come after it emerged that the Government would step in to potentially prevent BP falling into the hands of a foreign buyer in the event of a takeover bid. The company has been repeatedly linked with a potential deal since the Gulf of Mexico disaster in 2010.

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