BP Exploration Vice President trims his holding

31st May 2013 15:15

The Executive Vice President of BP's exploration division, offloaded over half a million quids-worth of shares in the oil major, the company announced on Friday.Mike Daly, who joined BP Exploration back in 1986 as a technical specialist in structural geology, disposed of 110,000 ordinary shares in BP on Thursday at a price of 477p per share, earning himself a total of £524,700.The move came a month after the firm's first-quarter results in which it revealed a slight fall in underlying replacement cost (RC) profit from $4.65bn to $4.22bn, though this was still an impressive 29% above company-compiled consensus estimates.Lower seasonal costs and a strong trading performance helped both the Upstream and Downstream divisions beat forecasts.Headline RC profit in the first three months of 2013 surged from £4.78bn to $16.60bn, but this was helped by a net gain of $12.4bn from the disposal of its stake in TNK-BP.Since the release of the results on April 30th, the stock has gained around 4.0%.