BP has started three offshore projects in 2019, and have plans for three additional projects. Credit: BP.

BP has announced its results for the first quarter (Q1) of 2019, reporting decreased profits caused by weaker prices and margin environments.

The company’s underlying replacement cost profit for Q1 2019 was $2.4bn, a decrease from 2018’s Q4 and Q1 profits of $3.4bn and $2.6bn respectively.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Operating cash flow (excluding payments of $0.6bn for the Gulf of Mexico oil spill) for BP in Q1 2019 was $5.9bn, an increase from $5.3bn in Q1 2018.

Oil and gas production in Q1 2019 averaged 3.8 million barrels of oil equivalent per day (Mboe/d), a 2.4% increase from Q1 2018. Production for BP’s upstream offshore operations was 2.7Mboe/d, a 2% increase from Q1 2018.

BP has started major upstream offshore projects in the Gulf of Mexico, Trinidad and Egypt in 2019, with final investment decisions taken for three additional upstream projects.

The company also reported “strong progress” towards its published targets for greenhouse gas emissions following reduced operational emissions in 2018, with methane intensity “remaining on target”. In March 2019, BP established a $100m fund to reduce emissions, as well as an agreement with the Environmental Defence Fund to reduce methane emissions across its operations.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

BP CEO Bob Dudley said: “BP’s performance this quarter demonstrates the strength of our strategy. With solid Upstream and Downstream delivery and strong trading results, 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.”