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26/04/2005
BP reports profit increase
BP profits have announced a rise in profit in their first quarter report for the company's new trading year.
The oil company confirmed that its first quarter replacement cost profit was £5,491 million, an increase of 29% from the same period in 2004.
BP reported that the trading environment in the first quarter was generally stronger than it had been in 2004, with higher oil and gas realizations, higher refining and chemicals margins, but lower marketing margins.
BP Group Chief Executive Lord Browne said: “This strong start in 2005 reflects the results of our significant investment programme over the past few years and improvements in underlying performance.”
Exploration and Production also increased by 53% from 2004, reflecting higher realizations in both liquids and gas and higher volumes, partially offset by the impact of planned revenue investment and costs.
Lord Browne said oil prices had reached a further record average of $47.62 in the first quarter, which was $3.77 per barrel higher than in the previous quarter. He said that prices appeared to have been supported by high growth and limited spare production capacity.
However, he said that US gas prices averaged $6.27/mmbtu in the first quarter, a fall of $0.80/mmbtu from the fourth quarter. Lord Browne said that working gas inventories remained above year-earlier and five-year average levels, but the futures market continues to signal a supply-constrained market.
Lord Browne concluded: “Refining margins improved by 25c/bbl versus the fourth quarter. Margins increased sharply towards the end of March and that strength has been maintained into April. Second quarter margins to date are currently above last year’s second quarter levels, supported by demand growth and concerns about US gasoline supplies in the driving season. Retail marketing margins were extremely weak during the first quarter because of steadily rising product prices.
"Slightly weaker oil prices have contributed to improved marketing margins in the second quarter to date, but the depth and sustainability of the improvement is uncertain.”
(KMcA/SP)
The oil company confirmed that its first quarter replacement cost profit was £5,491 million, an increase of 29% from the same period in 2004.
BP reported that the trading environment in the first quarter was generally stronger than it had been in 2004, with higher oil and gas realizations, higher refining and chemicals margins, but lower marketing margins.
BP Group Chief Executive Lord Browne said: “This strong start in 2005 reflects the results of our significant investment programme over the past few years and improvements in underlying performance.”
Exploration and Production also increased by 53% from 2004, reflecting higher realizations in both liquids and gas and higher volumes, partially offset by the impact of planned revenue investment and costs.
Lord Browne said oil prices had reached a further record average of $47.62 in the first quarter, which was $3.77 per barrel higher than in the previous quarter. He said that prices appeared to have been supported by high growth and limited spare production capacity.
However, he said that US gas prices averaged $6.27/mmbtu in the first quarter, a fall of $0.80/mmbtu from the fourth quarter. Lord Browne said that working gas inventories remained above year-earlier and five-year average levels, but the futures market continues to signal a supply-constrained market.
Lord Browne concluded: “Refining margins improved by 25c/bbl versus the fourth quarter. Margins increased sharply towards the end of March and that strength has been maintained into April. Second quarter margins to date are currently above last year’s second quarter levels, supported by demand growth and concerns about US gasoline supplies in the driving season. Retail marketing margins were extremely weak during the first quarter because of steadily rising product prices.
"Slightly weaker oil prices have contributed to improved marketing margins in the second quarter to date, but the depth and sustainability of the improvement is uncertain.”
(KMcA/SP)
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