BP: solid first half, with focus on costs.
(CercleFinance.com) - BP delivered strong operational performance in the first half of 2017, with organic cash flow exceeding organic capital expenditure.
The British oil and gas company said profit for the first six months was 1.59 billion dollars, compared with a loss of two billion dollars in the same period of 2016.
Group second-quarter earnings reached 144 million dollars, relative to a loss of 1.41 billion dollars in the second quarter of last year.
Excluding amounts related to the Gulf of Mexico oil spill, BP's operating cash flow recovered significantly to 6.9 billion dollars in the second quarter, from 5.3 billion dollars a year ago.
"We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency and discipline in capital spending," group chief executive Bob Dudley said.
BP also decided to maintain its dividend payment at 10 cents per ordinary share.
While net debt rose to 39.8 billion dollars, due to Gulf of Mexico payments, the company expects that this will improve over the second half as these payments decline and disposals continue.
This morning, BP shares are up 2.4% in London at 456.7 pence, slightly outperforming the European oil and gas sector index, which, in comparison, is up 1%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The British oil and gas company said profit for the first six months was 1.59 billion dollars, compared with a loss of two billion dollars in the same period of 2016.
Group second-quarter earnings reached 144 million dollars, relative to a loss of 1.41 billion dollars in the second quarter of last year.
Excluding amounts related to the Gulf of Mexico oil spill, BP's operating cash flow recovered significantly to 6.9 billion dollars in the second quarter, from 5.3 billion dollars a year ago.
"We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency and discipline in capital spending," group chief executive Bob Dudley said.
BP also decided to maintain its dividend payment at 10 cents per ordinary share.
While net debt rose to 39.8 billion dollars, due to Gulf of Mexico payments, the company expects that this will improve over the second half as these payments decline and disposals continue.
This morning, BP shares are up 2.4% in London at 456.7 pence, slightly outperforming the European oil and gas sector index, which, in comparison, is up 1%.
Copyright (c) 2017 CercleFinance.com. All rights reserved.