Solid first half, strong operations & strong cash flow
Bob Dudley, group chief executive says, “We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency and discipline in capital spending. We delivered strong operational performance in the first half of 2017 and have considerable strategic momentum coming into the rest of the year and 2018, with rising production from our new Upstream projects and marketing growth in the Downstream.”
- Underlying replacement cost (RC) profit* for the second quarter was $0.7 billion.
- Second-quarter operating cash flow, excluding Gulf of Mexico oil spill payments*, was $6.9 billion. Including these payments, operating cash flow* for the quarter was $4.9 billion.
- Dividend unchanged at 10 cents per share.
- Second-quarter Upstream production was 10% higher than in the same period in 2016; first-half production was 6% higher.
- Upstream major projects on track; two new projects sanctioned in quarter; significant gas discoveries in Senegal and Trinidad announced; $753 million exploration write-off, predominantly in Angola.
- In Downstream, first-half fuels marketing earnings around 20% higher than in the first half of 2016
BP’s fuels marketing business continues to make good strategic progress; first-half earnings were around 20% higher than in the first half of 2016.
Premium fuel volumes continue to grow and around 90 new convenience partnership sites have been added so far this year. In lubricants, BP signed an agreement to be the exclusive premium brand sold by Kroger, the largest supermarket chain in the US.
In refining, BP increased the level of advantaged feedstock processed in the US and, in petrochemicals, BP’s industryleading PTA technology is now operational at all its key PTA sites. PWKD03082017
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