BP’s Q1 profit up despite crude oil slump
BP’s pretax profit from refining increased to $2.2 billion from $1 billion in the same period of last year while profits from upstream oil production dipped to $604 million from $4.4 billion. The cancellation of two deep water oil projects in the Gulf of Mexico reportedly led to a $545 million loss for BP’s US upstream business.
Downstream, the company posted stronger profit in the first quarter owing to increased demand for its fuels, lubricants and petrochemical businesses. The company’s profit downstream increased to $2.08 billion from $794 million.
Meanwhile, BP’s profit from its stake in Russia’s Rosneft was reported at $183 million in the first quarter, down 64.6% compared to $518 million in the same period of 2014.
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