Profits drop for BP

British oil heavyweight BP reported its profits were $3.2 billion (£1.9bn) in the first quarter of 2014. That’s down $1 billion (£600m) compared to the same period a year ago, […]

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By Vicky Ellis

British oil heavyweight BP reported its profits were $3.2 billion (£1.9bn) in the first quarter of 2014.

That’s down $1 billion (£600m) compared to the same period a year ago, although a rise from the final three months of 2013 when it made $2.8 billion (£1.7bn).

Its operating cash flow in the first three months of the year was $8.2 billion (£4.9bn).

Bob Dudley, BP Group Chief Executive said: “This is a very solid start to 2014. Operating cash flow was strong in the first quarter, we have seen further exploration success and upstream project start-ups and the upgraded Whiting refinery is ramping up steadily.

“We remain confident of delivering our 10-point plan targets that we set in 2011 for delivery in 2014.”

One of these points was to bump up operating cash flow by 50% a year between 2011 and 2014, a target it looks to have nailed.