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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
03/27/201705:45:00BP Makes 3rd Discovery in North Damietta Concession in Egypt
03/17/201710:14:00BP in Talks with Ineos to Sell Forties Pipeline System in UK...
03/16/201716:36:00BP Selling Large Stake in Refining New Zealand
03/14/201703:46:00Wood Group Gets 2 Mad Dog Phase 2 Contracts Worth $85 Million
03/08/201717:22:00ADRs End Lower; Petrobras Trades Actively
03/08/201707:29:00Oil Companies Take to Thrifty Bets
03/01/201706:00:00BP and Clean Energy Partner to Expand U.S. Renewable Natural...
02/28/201714:16:00BP Sets Break-Even Target at $35 a Barrel
02/28/201709:34:00BP Expects Upstream, Downstream Growth
02/16/201717:39:00ADRs End Mixed; Vedanta Rises
02/16/201716:58:00ADRs End Mostly Up; Shire Trades Actively
02/09/201702:53:00BHP Billiton Board Signs Off on Investment in BP's Mad Dog Project
02/07/201712:02:00BP Needs Oil to Rise to $60 to Break Even -- 5th Update
02/07/201708:49:00BP Reports Another Annual Loss Amid Low Oil Prices -- 4th Update
02/07/201706:31:00BP Reports Another Annual Loss Amid Low Oil Prices -- 3rd Update
02/07/201704:18:00BP Earnings Fall for Second Consecutive Year -- Update
02/07/201703:02:00BP Earnings Fall for Second Consecutive Year
01/29/201707:29:00Oil Firms Plot Sharply Divergent Spending Paths
01/24/201702:59:00BP to Sell 25% of Magnus Oil Field, Associated Pipeline Infrastructure...
01/23/201710:33:00BP's Thunder Horse South Expansion Launches Ahead of Schedule...

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