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| Deepwater Horizon damages weigh on BP's profits | Deepwater Horizon damages weigh on BP's profits |
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| BP's profits slipped in the first quarter as it emerged that the oil company had paid out more than half of the cash it had set aside to cover the cost of damages caused by the 2010 oil spill in the Gulf of Mexico. | BP's profits slipped in the first quarter as it emerged that the oil company had paid out more than half of the cash it had set aside to cover the cost of damages caused by the 2010 oil spill in the Gulf of Mexico. |
| The company's replacement cost profit – its preferred measure because it removes one-off items and the effect of oil prices – was $4.2bn (£2.7bn) for the quarter, compared with $4.7bn for the same period last year and $3.9bn for the last quarter of 2012. | The company's replacement cost profit – its preferred measure because it removes one-off items and the effect of oil prices – was $4.2bn (£2.7bn) for the quarter, compared with $4.7bn for the same period last year and $3.9bn for the last quarter of 2012. |
| It was above analysts' forecasts of $3.27bn, and its shares rose by just over 3%, about 15p, to 472p on the news. But on a statutory basis, BP made a record pre-tax profit of nearly $20bn in the first quarter of 2013 – more than double its $9bn pre-tax profit for the same period last year. | It was above analysts' forecasts of $3.27bn, and its shares rose by just over 3%, about 15p, to 472p on the news. But on a statutory basis, BP made a record pre-tax profit of nearly $20bn in the first quarter of 2013 – more than double its $9bn pre-tax profit for the same period last year. |
| This $20bn figure was boosted by about $12.5bn in cash for the sale of its stake in TNK-BP to Rosneft, the Russian oil and gas company. The proceeds of the sale are largely to be used for share buy-backs, of which more than $800m worth of shares have been purchased, out of a potential $8bn. | This $20bn figure was boosted by about $12.5bn in cash for the sale of its stake in TNK-BP to Rosneft, the Russian oil and gas company. The proceeds of the sale are largely to be used for share buy-backs, of which more than $800m worth of shares have been purchased, out of a potential $8bn. |
| About $25bn of the $42bn the company set aside to pay for the damage caused by its 2010 oil spill in the Gulf of Mexico has been paid out, but the company is appealing against a civil action brought against it in the US that could cost more than $8bn out of the trust fund set up to pay for the worst offshore oil spill in US history. | About $25bn of the $42bn the company set aside to pay for the damage caused by its 2010 oil spill in the Gulf of Mexico has been paid out, but the company is appealing against a civil action brought against it in the US that could cost more than $8bn out of the trust fund set up to pay for the worst offshore oil spill in US history. |
| BP's safety record came under the spotlight again on Monday when Norway's Petroleum Safety Authority censured the company for the second time in two years, after a leak at its Ula oilfield in the North Sea. | BP's safety record came under the spotlight again on Monday when Norway's Petroleum Safety Authority censured the company for the second time in two years, after a leak at its Ula oilfield in the North Sea. |
| Bob Dudley, chief executive, said: "These strong first-quarter results demonstrate the progress BP is making in delivering the performance milestones that support our 10-point plan and underpin our commitment to material operating cash flow growth by 2014." | Bob Dudley, chief executive, said: "These strong first-quarter results demonstrate the progress BP is making in delivering the performance milestones that support our 10-point plan and underpin our commitment to material operating cash flow growth by 2014." |
| BP said its performance had improved in part because its production was skewed towards lighter sweeter oils such as those from the North Sea and Africa, which are worth more and helped boost its profits. | BP said its performance had improved in part because its production was skewed towards lighter sweeter oils such as those from the North Sea and Africa, which are worth more and helped boost its profits. |
| Underlying production of oil and gas was up 2% on the same period last year and up 4% on the previous quarter. Operating cash flow was $4bn for the first quarter of 2013, up from $3.4bn for the previous quarter. The company said its gearing was down to about 12%. | Underlying production of oil and gas was up 2% on the same period last year and up 4% on the previous quarter. Operating cash flow was $4bn for the first quarter of 2013, up from $3.4bn for the previous quarter. The company said its gearing was down to about 12%. |
| The company paid nearly $2.8bn in tax for the first quarter, ending 31 March 2013. It declared a dividend of 9 cents per share, to be paid in June. Last year's dividend was 33 cents for the full year, up from 28 cents in 2011. | The company paid nearly $2.8bn in tax for the first quarter, ending 31 March 2013. It declared a dividend of 9 cents per share, to be paid in June. Last year's dividend was 33 cents for the full year, up from 28 cents in 2011. |
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