May 1, 2018

BP posts its highest profit since 2014

Photo: Paul Ellis/AFP/Getty Images

U.K.-based global oil giant BP reported $2.6 billion in first quarter profits on the strength of higher oil prices and higher production, its biggest haul in three years and a rise of 71% from the same period in 2017.

Why it matters: BP is the latest Big Oil giant to report a jump in earnings as crude oil prices have climbed.

The big picture: The total beat analysts' expectations, according to several reports.

  • The company said it produced 3.7 million barrels of oil-equivalent per day in the first three months of the year, which is 6% above the first quarter of 2017.
  • Payments related to the Gulf of Mexico oil spill were $1.6 billion, "including $1.2 billion for the final payment relating to the 2012 Department of Justice settlement," BP said.

Yes, but: Per Reuters, the company "saw its debt pile rise to $40 billion due to the settlement of more lawsuits over the deadly 2010 Deepwater Horizon spill in the Gulf of Mexico which has cost it more than $65 billion."

  • However, the company's CFO tells Bloomberg that "We’ve reached the peak now for quarterly payments" from the fatal disaster, adding that debt will fall later this year.

The markets respond: The company's stock climbed slightly in pre-market trading.

Go deeper: This new Wood Mackenzie podcast takes stock of the supermajors' earnings season, including a look at what's ailing Exxon.

Go deeper

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 1,014,673 — Total deaths: 52,973 — Total recoveries: 210,335Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 244,678 — Total deaths: 5,911 — Total recoveries: 9,058Map.
  3. 2020 updates: The Democratic National Committee said its July convention will be postponed until August because of the coronavirus. A federal judge declined to delay Wisconsin's April 7 primary election.
  4. Jobs latest: Coronavirus unemployment numbers are like a natural disaster hitting every state.
  5. Public health latest: Anthony Fauci called for a nationwide stay-at-home order. FDA allows blood donations from gay men after 3-month waiting period, citing "urgent need."
  6. Business latest: Treasury Secretary Steven Mnuchin said oil companies are eligible for aid from new lending programs the Federal Reserve is setting up, but not direct loans from his department.
  7. U.S.S. Theodore Roosevelt: Navy removes captain of aircraft carrier who sounded alarm about coronavirus.
  8. 1 future thing: In developing countries, consequences of COVID-19 could be deeper and far more difficult to recover from.
  9. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

CNN: Fauci says U.S. should issue nationwide stay-at-home order

Dr. Anthony Fauci listens to President Trump speak during a briefing on April 1. Photo: Win McNamee/Getty Images

The Trump administration should implement a stay-at-home order for the country, Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said at a CNN town hall on Thursday.

Why it matters: The recommendation stands in contrast to President Trump's calls for "flexibility." Nearly 4o states have issued stay-at-home orders to promote social distancing as a way to combat the novel coronavirus — but the orders vary in strictness and duration.

Go deeperArrow22 mins ago - Health

World coronavirus updates: Confirmed cases top 1 million

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Novel coronavirus infections have surpassed the 1 million mark after "near exponential growth" that's reached "almost every country," World Health Organization Director-General Tedros Adhanom Ghebreyesus said Thursday.

The big picture: Policy responses to the global coronavirus crisis have been every-country-for-itself and — in the case of the U.S. and China — tinged with geopolitics. But, the scientific work underway to understand the virus and develop a vaccine has been globalized on an unprecedented scale.

Go deeperArrowUpdated 49 mins ago - Health