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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
06/20/201605:35:00BP Sanctions Fast-Track Development of Atoll Discovery in Egypt
06/17/201606:08:00BP and Rosneft Create Joint Venture to Explore for Oil in East...
06/15/201608:50:00European Corporations Urge U.K. to Remain in EU
06/11/201603:04:00BP to Spin Off Norwegian Oil, Gas Fields -- WSJ
06/10/201611:45:00CHC Helicopter Grounded On BP Oil Field in the North Sea
06/10/201610:51:00BP, Det Norske Plan Listed Joint Venture -- Update
06/10/201605:47:00Statoil Lowers Expectations off Newfoundland
06/10/201603:30:00BP, Det Norske Plan Listed Norway Joint Venture
06/10/201602:43:00BP, Det Norske Plan Listed Joint Venture
06/09/201618:50:00Brazil Police Say BHP, Vale At Fault for Dam Disaster
06/09/201615:48:00As U.S. Banks Exit Commodities, an Australian Rival Takes Over
06/09/201607:16:00Correction to BP's Egyptian Discovery Announcement
06/09/201607:08:00BP Announces New Oil Discovery in Egypt's East Mediterranean
06/08/201612:00:00Oil Gains Energy Market Share in Changing Landscape
06/08/201611:35:00Oil Gains Energy Market Share in Changing Landscape
06/06/201614:20:00IRS Says Fines Paid to Finra Aren't Tax Deductible
06/05/201619:53:00As U.S. Banks Exit Commodities, an Australian Rival Takes Over
06/03/201613:16:00BP Agrees to Pay $175 Million to Investors Over Deepwater Risks
06/02/201622:10:00BP Reaches Tentative $175 Million Settlement in Securities Litigation
06/02/201621:56:00BP Reaches Tentative $175 Million Settlement in Securities Litigation

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