The British oil company BP Plc finished the second quarter of the current year with profit thanks to increase in prices for oil and considerable expense reduction. It is reported in the press release of the company.
The profit (replacement cost profit) corrected on a replacement cost of inventories in April-June constituted $553 million against a loss in the amount of $2,247 billion for the same period of last year, Finam informs.
Basic profit decreased by 5% - to $684 million in comparison with $720 million the previous year. The total amount of hydrocarbon production of BP in the second quarter increased by 9,9% - to 2,431 million barrels of an oil equivalent a day. Following the results of the first half of the year the indicator increased by 6,4% - up to 2,41 million BOE/pages.
The company expects that in July-September production will remain approximately at the level of the past quarter, is reported in the reporting. BP predicts that the development program of large projects will allow to increase new production by 800 thousand BOE / with by 2020, at the same time is planned to start three platforms in 2017.
Capital expenditures of the company in the second quarter constituted $4,348 billion against $4,205 billion the previous year. For the end of June the size of a net debt of the company increased to $39,794 billion in comparison with $30,931 billion the previous year.
BP estimates the payments connected with spillage of oil in the Gulf of Mexico in the first half of the year at $11,3 billion, including $6,9 billion in the second quarter, against $8,3 billion in January-June, 2016.
Capitalization of BP since the beginning of the current year dropped by 13% that is the worst indicator among the five of the largest petroproducers of the world.