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BP First-Quarter Profit Falls

LONDON-- BP PLC reported a fall in first-quarter profit as the energy giant continues to reshaping itself in the aftermath of the Deepwater Horizon explosion and oil spill. BP's production for the first quarter fell 8.5% to 2.13 million barrels of oil a day and the company warned that second-quarter production will be lower than the first quarter, mainly because of planned major maintenance particularly in the higher-margin North Sea and Gulf of Mexico regions. BP said underlying first-quarter replacement-cost profit, which strips out inventory gains or losses, fell to $3.23 billion, from $4.22 billion last year. Replacement-cost profit is similar to net profit, according to U.S. generally accepted accounting principles. Revenue slipped to $91.71 billion, from $94.11 billion a year earlier. Net profit was $3.53 billion, from $16.86 billion a year earlier, which was boosted by a $12.5 billion gain the sale of its stake in TNK-BP. BP increased its first-quarter to 9.75 cents a share, from 9 cents a share last year. Write to Justin Scheck at justin.scheck@wsj.com and Ian Walker at ian.walker@wsj.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Bp (BP)
DateTimeHeadline
07/03/201509:30:15BP Turns Page on a Dark Chapter
07/02/201519:01:24BP to Pay $18.7 Billion to Settle Oil Spill Claims -- 5th Update
07/02/201516:28:50U.S. Spill Settlement Lets BP Turn Page on Dark Chapter
07/02/201515:28:12U.S. Spill Settlement Lets BP Turn Page on Dark Chapter
07/02/201512:32:47BP to Pay $18.7 Billion to Settle Oil Spill Claims -- 4th Update
07/02/201511:12:34BP to Pay $18.7 Billion to Settle Oil Spill Claims -- 3rd Update
07/02/201510:32:34BP to Pay $18.7 Billion to Settle Oil Spill Claims -- 2nd Update
07/02/201510:00:38BP to Pay $18.7 Billion to Settle Oil Spill Claims -- Update
07/02/201509:50:07BP to Pay $18.7 Billion to Settle Oil Spill Claims
07/02/201509:43:37BP Agrees to Pay $18.7 Billion to Settle Deepwater Horizon Oil...
06/30/201520:12:22Woodside's Browse LNG Joint Venture to Commence Early Works
06/30/201516:04:08Former BP Engineer Should Get New Trial, Appeals Court Rules
06/26/201516:40:27Exxon Mobil, BP Suspend Canadian Arctic Exploratory Drilling...
06/26/201516:27:07Exxon Mobil, BP Suspend Canadian Arctic Exploratory Drilling...
06/25/201515:59:05Pemex in Talks With Union Over Pension, Labor Reforms
06/25/201514:55:03Takeover Chatter Sends Penn Virginia Corporation's Stock Zooming...
06/19/201519:11:45Russia Deals To East And West
06/19/201507:47:27BP, Rosneft Sign Production, Exploration, Refining Pacts -- Update
06/19/201505:15:55BP, Rosneft Sign Production, Exploration, Refining Pacts
06/18/201511:45:03How Big Oil Was Saved From the Oil Price Crash

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