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| Low oil price pushes BP to $485m loss | Low oil price pushes BP to $485m loss |
| (35 minutes later) | |
| BP has sunk to a $485m (£334m) loss for the three months to March as low oil prices took their toll. | BP has sunk to a $485m (£334m) loss for the three months to March as low oil prices took their toll. |
| The loss, on the replacement cost measure, compared with a $2.1bn profit for the same period last year, but was lower than the $2.2bn loss for the three months to December. | |
| The oil giant took a $917m charge for the 2010 Gulf of Mexico oil spill, taking the total to $56.4bn. | |
| It was still unable to estimate its liability for civil claims. | It was still unable to estimate its liability for civil claims. |
| On an underlying basis, which strips out one-off costs, BP reported an adjusted profit of $532m despite expectations for a loss. However, this figure was sharply lower than the $2.58bn profit for the same period last year. | |
| Its refining and trading division reported a profit of $1.8bn, offsetting a $747m loss in oil and gas production. | |
| Brent crude averaged $34 a barrel in the quarter, compared with $44 in the last three months of 2015 and $54 in the first quarter last year. | |
| Chief executive Bob Dudley said he expected global oil supply and demand to balance towards the end of the year, which could help push prices higher. | Chief executive Bob Dudley said he expected global oil supply and demand to balance towards the end of the year, which could help push prices higher. |
| "Operational performance is strong and our work to reset costs has considerable momentum and is delivering results," he said. | "Operational performance is strong and our work to reset costs has considerable momentum and is delivering results," he said. |
| Earlier this month BP, faced a shareholder revolt when almost 60% voted against its remuneration report, which included a pay deal of $19.6m (£13.8m) for Mr Dudley. | |
| Despite the slide in the oil price, BP held the quarterly dividend at 10 cents a share. Its shares rose 2.7% to 370.2p in early trading in London. | |
| In February, BP reported that annual profits had more than halved to $5.9bn following the collapse in oil prices. | |
| The company cut spending three times in 2015 to $19bn and shed about 10% of its 80,000-strong workforce. | |
| Spending this year should be about $17bn, but could be cut by up to $2bn if oil prices remain depressed. |