Apr 30, 2019 - Energy & Climate

BP's earnings take a hit in "volatile" stretch

Ben Geman

Photo: Alexander Demianchuk\TASS via Getty Images

BP joined other oil giants in reporting lower Q1 profits as companies dealt with lower crude prices.

By the numbers: The U.K.-based multinational reported $2.36 billion in profits, down from $3.48 billion in the prior quarter and $2.59 billion during the same period last year.

But, but, but: Per Bloomberg, BP "hit the target on profit estimates in the first quarter as rising oil and gas production and strong trading results offset the effect of lower prices."

The company's stock is up slightly Tuesday.

What they're saying: "[W]e produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds," CEO Bob Dudley said in statement.

Go deeper: BP's profit slump buffered by higher output, trading (Reuters)

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BP's earnings take a hit in "volatile" stretch

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