BP loss reached $ 4.365 billion in Q1

US, WASHINGTON (ORDO NEWS) — The net loss of British BP attributable to shareholders amounted to $ 4.365 billion in the first quarter, compared with a profit of $ 2.934 billion in the first quarter of 2019, the company said.

Loss per share amounted to $ 0.22 versus earnings of $ 0.14 per share in the first quarter of 2019. Quarterly revenue fell to $ 59.54 billion (-12% on an annualized basis).

Meanwhile, the average cost of Brent crude oil amounted to $ 50.1 per barrel in the first quarter against $ 63.13 per barrel in the first quarter of last year.

BP’s production, taking into account its stake in Rosneft, amounted to 3.715 million barrels of oil equivalent (n.a.) per day (-2.8%) in the 1st quarter, excluding its share in Rosneft – 2.579 million barrels of oil equivalent per day (- 2.9%).

According to preliminary estimates, BP’s loss from participating in Rosneft amounted to $ 17 million against a profit of $ 567 million a year earlier.

According to the company’s forecast, oil production will decline in the II quarter.

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