British PetroleumThe international energy company British Petroleum (BP) reported a decline in profit in Q1 2014, mainly due to the higher costs in the demand for oilfield. The company’s production fell with 8.5% to 2.13 million barrels per day in the first quarter, as also cautioned that it will shrink more in the second quarter. The reason is the planned major maintenance, especially of the sites in the North Sea and the Gulf of Mexico.

    The profit, taking into account the costs of restocking of the company, declined with 23% to 3.23 billion USD compared with 4.22 billion USD an year ago. The revenues for the quarter fell with 2.6% to 91.71 billion USD from 94.11 billion USD. The net profit of the company amounted to 3.53 billion USD against 16.86 billion USD an year ago, and the big difference is due to last year’s sale of BP’s share in TNK-BP for 12.5 billion USD.

    The company announced that it will increase its dividend to 9.75 cents per share for Q1 2014, and that it intends to retain its investment in the Russian oil company Rosneft, despite the US decision to impose sanctions on its Executive Director Igor Sechin.

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    • Claudia Fisher

      BP continue to gain power after the accident in Mexican Bay. The company realized serious management changes and expenses cuts

    • Somnya Iziglady

      That is true. The company was in bad condition after the problems in the Mexican bay, but now everything looks OK

    • Tim Woodstock

      Yes. BP profit are below the market expectations, but quite better that they were expecting 1 year ago.

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