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4/30, 8:12 AM (Source: TeleTrader)
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BP revenue falls 2.5% to $66.3B in Q1

BP Plc announced on Tuesday its revenue for the first quarter of fiscal 2019 amounted to $67.4 billion, marking a 2.5% decrease on an annual basis. The oil giant stated its profit for the first three-month period in 2019 reached a figure of $3 billion, climbing 20% compared to the same quarter last year. BP's quarterly earnings per share stood at $14.47, up 17.3% year over year.

Upstream production, excluding Rosneft, amounted to 2,656 mboe/d in the first quarter, rising 2% annually. Since the beginning of the year, BG decided on final investment of the Atlantis Phase 3 in the Gulf of Mexico, Azerbaijan, and the North Sea. Downstream, BP expanded its operations in Mexico, Indonesia, and China. Costs related to the Gulf of Mexico spill amounted to $600 million in the first quarter on a post-tax basis.

"BP’s performance this quarter demonstrates the strength of our strategy... We produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds. Moving through the year, we will keep our focus on disciplined growth, with efficient project execution and safe and reliable operations," BP Chief Executive Officer Bob Dudley commented.

Breaking the News / SS