BP Q1 Profit More Than Doubles
April 27, 2010 Uncategorized
BP (NYSE: BP), Europe’s largest oil company, said its first-quarter profit rose by 135% thanks to higher oil prices. BP’s profit for the quarter jumped to to $6.08 billion from $2.56 billion a year earlier. Excluding one-time items and inventory changes, BP earned $5.65 billion beating the $4.84 billion median estimate, according to Bloomberg News.
BP is in the midst of searching for missing workers and cleaning up a 1,000-barrel per day spill in the Gulf of Mexico after one of its rigs there exploded and sunk last week. BP is the biggest oil and natural gas producer in the Gulf and the biggest North American natural gas producer.
The company said production won’t be affected much by the lost rig. During the first quarter, BP acquired operations in the Gulf, Brazil and Azerbaijan from Devon Energy (NYSE: DVN). BP is the third-largest Western integrated oil major by market value.