BP Shows Earnings Improvement, but Cash Flow Growth to Wait for Second Half of Year
BP’s first-quarter adjusted earnings jumped nearly threefold from a year ago as an increase in oil prices and production volumes returned the upstream segment to profitability. Total underlying replacement cost profit increased to $1.5 billion from $532 million a year earlier. Upstream earnings swung to a $1.4 billion profit from a loss of $747 million last year on higher product realizations and a 3% increase in production. Downstream earnings slipped slightly to $1.7 billion from $1.8 billion ...
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