BP gets Q1 boost from higher oil prices and more production

LONDON — BP says first-quarter earnings surged 70 percent as the energy company profited from rising oil prices and increased production.

The London-based company reported net income of $2.47 billion, up from $1.45 billion in the same period last year.

Underlying replacement cost profit rose 71 percent to $2.59 billion. The figure, which excludes fluctuations in the value of inventories and one-time items, is the industry's preferred gauge of earnings.

Oil companies are profiting after they cut costs and sold assets to adjust to an era of lower oil prices after crude dropped below $30 a barrel in January 2016. Brent crude averaged $66.82 in the first quarter, 24 percent higher than a year earlier.

BP's energy production increased 9 percent to the equivalent of 2.6 million barrels of oil a day.

You may also interested in

Apple boss Tim Cook optimistic about UK's future...

Feb 9, 2017

Apple CEO Tim Cook says the company the technology giant is committed to Britain's future outside...

Epic 'Planet Earth II' offers creatures'-eye view...

Feb 16, 2017

From jungles to deserts to mountains, the BBC's epic nature series "Planet Earth II" takes viewers...

3 airliners in near-misses with drones at...

Mar 31, 2017

A new report says three airliners just missed colliding with drones near London's Heathrow Airport

World cyberattack cripples UK hospitals, demands...

May 12, 2017

A large cyberattack had crippled computer systems at hospitals across England, with appointments...

Sweden drops case but WikiLeaks' Assange is not...

May 19, 2017

Swedish prosecutors have dropped their investigation into a rape allegation against Julian Assange,...

Sign up now!

About Us

Future Science Today reports on captivating developments in science, medicine, technology, and the world around us.

Contact us: sales[at]futuresciencetoday.com