BP posts better-than-expected profits and cash flow, output higher

30th Apr 2019 07:12

(Sharecast News) - Oil major BP posted better-than-expected first quarter profits and cash flows for the first three months of 2019, together with higher output.Underlying replacement cost profit for the first three months of 2019 fell to $2.36bn from $2.57bn in the comparable year ago period, driven by lower prices and margins, although "strong" supply and trading results acted as a partial offset.That was better than the company compiled consensus for $2.3bn.Excluding changes in the outfit's working capital requirements and payments related to the Macondo oil spill in the Gulf of Mexico, operating cash flows came in at $6.9bn, versus the $6.2bn anticipated by analysts at RBC.Working capital increased by $1.0bn during the period.The company made payments of $0.6bn during the quarter linked to the Gulf of Mexico oil spill, which was twice what some analysts had penciled-in.Even excluding that from Rosneft, output from the upstream division was up by 2% versus a year ago.The adoption of IFRS 16 had only a negligible effect on the company's replacement cost profit and none at all on its free cash flow, the company said in a statement.BP raised its quarterly dividend by 2.5% to 10.25p per share.-- More to follow --