BP cost profit soars 71% at start of 2018

The energy giant plans to reduce greenhouse gas emissions by 3.5 million tonnes by 2025

The Big Zero report

BP’s replacement cost profit soared to $2.6 billion (£1.9bn) in the first quarter (Q1) of this year, up 71% on the same period the year before.

The energy giant’s latest results show operating cash flow also increased, rising 22% to $5.4 billion (£3.9bn), with pre-tax earnings reaching $1.8 billion (£1.3bn), an increase of 5%.

Growth in underlying production also rose by 14% as average Brent Crude prices increased to $67 (£49) a barrel, up from $54 (£39) the year before.

BP sanctioned four major projects in Q1, in Oman, India and two in UK’s North Sea, as well as teaming up with Everstone Capital to invest in Indian solar projects and working with Tesla to develop battery storage capacity in the US.

The energy multinational plans to achieve zero net growth in its operational emissions and reduce greenhouse gas emissions by 3.5 million tonnes by 2025.

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