BP replacement cost profits more than triple over same period of last year
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BP's sale of its Russian joint venture helped boost its first-quarter replacement cost profits to $16.5 billion, more than triple the $4.7 billion for the same period last year.
The jump Tuesday reflects the oil giant's one-off gain from the sale of its stake in TNK-BP. The replacement cost figure omits gains or losses in inventories, making it similar to net profit figures used by U.S. oil companies. BP's non-replacement cost net profit was $16.6 billion against $5.7 billion this time last year.
Group CEO Bob Dudley says the results "demonstrate the progress BP is making in delivering the performance milestones."
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BP announced last month that it was buying back $8 billion of shares using money from the sale of TNK-BP to Rosneft.