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INTERNATIONALOIL & GAS

British Petroleum Sees $485million Loss over Low Oil Price

British oil giant, BP has recorded a $485m (£334m) loss for the three months to March as low oil prices linger.

The loss, on the replacement cost measure, compared with a $2.1bn profit for the same period in 2015, but was lower than the $2.2bn loss for the three months to December.

The oil giant took a $917m charge for the 2010 Gulf of Mexico oil spill, taking the total to $56.4bn. It was still unable to estimate its liability for civil claims.

On an underlying basis, which strips out one-off costs, BP reported an adjusted profit of $532m despite expectations for a loss.

However, this figure was sharply lower than the $2.58bn profit for the same period last year.
Its refining and trading division reported a profit of $1.8bn, offsetting a $747m loss in oil and gas production.

Chief executive Bob Dudley said he expected global oil supply and demand to balance towards the end of 2016, which could help push prices higher, BBC reports.

 

 

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