BP said it recorded a net profit of USD1.4 billion for the first quarter after the company recorded a net loss of USD583 million.
“Our year has started well. BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust. We have shown continued operational momentum – it was another strong quarter for the Downstream and the first of our seven new Upstream major projects has started up, with a further three near completion. We expect these to drive a material improvement in operating cash flow from the second half”
On the overall, the company has sacrificed costs for efficiency as well as reducing benefits for top executives.
In its annual report, BP saif it reduced the remuneration of Bob Dudley by 40% in 2016.
