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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
04/21/201505:53:25Large Stock Builds to Keep Pressuring Oil Price - BP Chief Economist
04/19/201517:04:51Rig Safety, Five Years After Gulf Spill
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04/19/201510:04:0310 Largest Companies by Market Cap in Oil
04/17/201513:59:45LONDON MARKETS: FTSE 100 Driven Lower On China-trading Concerns
04/17/201509:56:59LONDON MARKETS: FTSE 100 Driven Lower On China-trading Concerns
04/17/201509:22:42LONDON MARKETS: FTSE 100 Driven Lower On China-trading Concerns
04/16/201516:00:27Early Voting Strongly Favors Pay Raise for BP CEO
04/16/201515:51:39Early Shareholder Voting Strongly Favors Pay Raise for BP CEO...
04/16/201512:33:13LONDON MARKETS: FTSE 100 Drops As Pearson, Diageo Shares Throttled
04/15/201513:10:09BP CEO to Face Questions at Shareholder Meeting
04/15/201513:06:03BP CEO to Face Questions at Shareholder Meeting
04/15/201511:19:11Amec Foster Wheeler Gets GBP50 Million, 5-Year BP Maintenance...
04/15/201511:14:01Norway Oil Fund Announces BP, Shell Vote
04/15/201505:03:09LONDON MARKETS: FTSE 100 Moves Higher As Miners Gain; U.K. Inflation...
04/14/201514:09:01LONDON MARKETS: FTSE 100 Wavers As Downgrades Hit BP, Primark...
04/14/201508:22:26BP seeks LNG buyers to finance $12B Tangguh Train 3 project in...
04/13/201516:00:18New Offshore Drilling Rules Proposed
04/13/201515:52:32Obama Administration Proposes New Offshore Drilling Rules...
04/13/201515:47:01Obama Administration Proposes New Offshore Drilling Rules

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