BP Q1 Profit Leaps 71% On Higher Oil Prices

[LAOIL + 33]

 Oil major BP on Tuesday reported a 71% year-on-year surge in its underlying replacement cost profit, used as a proxy for net profit, for the first quarter of 2018. The UK-based oil and gas firm’s underlying replacement cost profit rose to $2.586 billion in Q1-2018, beating analysts’ expectations of $2.33 billion on the back of higher crude prices and rising production levels.BP's output hiked to 3.7 million barrels per day (pd) in the three-month period ended March 2018, up 6% from the year before.

[Rodent + 1,424]

Cash flow is down in Q1 though. Deepwater Horizon strikes again!