home Finance BP profits hit by Angola write-off; CEO says it’s preparing for ‘new oil price environment’

BP profits hit by Angola write-off; CEO says it’s preparing for ‘new oil price environment’

BP beat analyst expectations on Tuesday, despite profits more than halving from the first three months of the year after a hefty charge from an unsuccessful project in Angola.

Here are some of the highlights from the earnings:

  • Underlying replacement cost profit, used as a proxy for net profit, $684 million in the second quarter vs. expected $500 million from a company-provided consensus.
  • Revenue of $57.37 billion versus $50.62 billion expected by Thomson Reuters analysts’ consensus.

The British oil giant’s profits were down from $1.5 billion in the first quarter of 2017 and lower than the $720 million reported over the same period in 2016. Shares of BP were more than 3.6 percent higher during morning deals on Tuesday.

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