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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
07/26/201608:48:00BP Suffers Third Straight Quarterly Loss -- 2nd Update
07/26/201604:11:00BP Suffers Third Straight Quarterly Loss -- Update
07/26/201603:30:00BP Posts Loss of $2.25 Billion
07/26/201603:11:00BP Posts Replacement Cost of $2.25 Billion for Second Quarter
07/25/201603:03:00BP Must Show It's at Last Set to Grow in Wake of Spill -- WSJ
07/24/201623:10:00BP Tries to Regain Its Footing With the 2010 Spill Behind It
07/19/201605:18:00North Sea Oil Firms Buoyed by Brexit
07/15/201603:03:00BP's Gulf-Spill Tab Hits $62 Billion -- WSJ
07/14/201617:49:00BP Estimates Remaining Material Deepwater Liabilities -- 4th...
07/14/201617:28:00BP Estimates Remaining Material Deepwater Liabilities -- 3rd...
07/14/201615:53:00BP Estimates Remaining Material Deepwater Liabilities -- 2nd...
07/14/201615:09:00BP Estimates Remaining Material Deepwater Liabilities -- Update
07/14/201614:10:00BP Estimates Remaining Material Deepwater Liabilities
07/14/201614:04:00BP Estimates Remaining Material Deepwater Liabilities
07/14/201613:30:00Pan American Energy to Invest $1.4 Billon in Argentina
07/06/201603:03:00Battered Oil Companies Ready to Spend Again -- WSJ
07/05/201617:34:00Big Oil Finding Money for Biggest Projects -- 3rd Update
07/05/201611:05:00Big Oil Finding Money for Biggest Projects -- Second Update
07/05/201607:42:00Chevron, Exxon to Put $36.8 Billion More Into Kazakh Oil Project...
06/28/201611:50:00Two Explosions Rock Mississippi Natural Gas Plant

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