LONDON — BP says first-quarter earnings surged 70 per cent as the energy company profited from rising oil prices and increased production.<\/p>\n
The London-based company reported net income of $2.47 billion, up from $1.45 billion in the same period last year.<\/p>\n
Underlying replacement cost profit rose 71 per cent to $2.59 billion. The figure, which excludes fluctuations in the value of inventories and one-time items, is the industry’s preferred gauge of earnings.<\/p>\n
Oil companies are profiting after they cut costs and sold assets to adjust to an era of lower oil prices after crude dropped below $30 a barrel in January 2016. Brent crude averaged $66.82 in the first quarter, 24 per cent higher than a year earlier.<\/p>\n
BP’s energy production increased 9 per cent to the equivalent of 2.6 million barrels of oil a day.<\/p>\n","protected":false},"excerpt":{"rendered":"
LONDON — BP says first-quarter earnings surged 70 per cent as the energy company profited from rising oil prices and increased production. The London-based company reported net income of $2.47 billion, up from $1.45 billion in the same period last year. Underlying replacement cost profit rose 71 per cent to $2.59 billion. The figure, which […]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8007"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=8007"}],"version-history":[{"count":2,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8007\/revisions"}],"predecessor-version":[{"id":8010,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8007\/revisions\/8010"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=8007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=8007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=8007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}