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BP posts best quarterly result in three years

UK oil giant BP said profit soared 71% as it extracts more oil and gas and prices rise.
The London-based company said first-quarter underlying replacement cost profit rose to $2.6bn (€1.9bn) from $1.5bn in the same period a year earlier. In the fourth quarter of 2017, BP made a profit of $2.1bn.
Underlying replacement cost is a measure of profitability used by BP that excludes one-off costs.Bob Dudley, chief executive at BP, said: "Underlying profit was up 23% on the previous quarter and was our best quarterly result in three years."BP's Dudley has been driving down the cost of producing oil to below $40 a barrel after the price of crude slumped to $30 in January 2016.A weak global economy and a glut in oil production by OPEC members and shale producers in the US crushed prices.With oil prices rising to three-year highs of about $70 a barrel, BP and its rivals have benefitted from rising prices.Last week, rival Royal Dutch Shell posted a 42% rise in underlying quarterly profits to $5.3bn.
BP has also benefitted from new sources of oil and gas production, including Atoll in Egypt. In 2017, it started production in seven locations across the globe.First-quarter production rose 6% to 3.7 million barrels per day.BP said it paid another $1.6bn for the 2010 Gulf of Mexico oil spill that killed 11 workers in the first quarter.That includes $1.2bn for the final payment of its 2012 settlement with the US Department of Justice.The company has paid out more than $65 billion for the biggest oil spill in US history.
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Net income rose to $2.47bn from $1.45bn in the same period a year earlier, the company said.Its shares had risen 1.8% by the close of trading on Tuesday.
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