BP today reported its financial results for the first quarter of 2012. Underlying replacement cost profit, adjusted for non-operating items and fair value accounting effects, was $4.8 billion for the quarter, compared to $5.0 billion in the previous quarter. The quarter’s result was impacted adversely by a $541 million consolidation adjustment in respect of unrealised profits in inventory held within the downstream business (see notes).
The company also said that it is making good progress towards the operational milestones that it expects to meet in 2012 – advancing the development of major new projects, continuing to gain promising new exploration access, and continuing its $38 billion divestment programme.
Group chief executive Bob Dudley said: “We have made a good start against our strategic priorities for 2012. During the quarter we gained access to significant new deepwater and US shale exploration acreage, our ongoing divestment programme has reached $23 billion, and we have five deepwater rigs at work in the Gulf of Mexico. This operational progress will underpin the financial momentum we expect to come through as we move into 2013 and 2014.”
yeah, but it wasn't, and the numbers were "sad" because BP wants them "sad", in sympathy with all of the sue-happy losers in the GoM. It's a perfect play by BP. Too bad they had bag the numbers the way they did, but if they hadn't, even more money-grubbing lazy troglodytes would be lining up with palm open looking for a pay-off. REV was up 9%, that speaks volumes.