BP has reported its lowest quarterly profit for more than a year as it counted the cost of weak oil and gas prices at the start of 2019.
The FTSE 100 giant - whose shares are a staple of UK pension funds - said its replacement cost profit measure of $2.1bn for the January- March period was 12% lower than last year. It came after the price of a barrel of Brent crude dropped to around $50 at the end of 2018, though it has since rallied sharply to reach a six-month high of more than $75 in recent weeks.
The quarterly profits were the lowest since the end of 2017 but were still better than markets had been expecting thanks to higher production and stronger trading earnings.BP chief executive Bob Dudley said the figures showed the company's strength as it"produced resilient earnings and cash flow through a volatile period that began with weak market conditions".in 2018 - but its latest hiccup reflected the fall in the price to an 18-month low at the end of December.
They have to take the rough with the smooth as they don’t complain when profits are high.
Dying oil, like Kodak film will it ever recover?
Care to explain why the price of fuel has rocketed since Christmas? ripoffBritain
Petrol prices still rising even with oil price weakening!
Err I think you’ll find it was the efforts of ExtinctionR
So if the price of oil has fallen why has the price of petrol and diesel gone up this week