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Monday, May 8, 2017VOLUME 13 ISSUE 19
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BP 1Q Profit Triples; Shell Earnings Double

BP

BP reported a profit for the first quarter of $1,449 million, compared with a loss of $583 million for the same period in 2016. The first-quarter replacement cost (RC) profit was $1,412 million, compared with a loss of $485 million for the same period in 2016. After adjusting for a net charge for non-operating items of $305 million and net favourable fair value accounting effects of $207 million (both on a post-tax basis), underlying RC profit for the first quarter was $1,510 million, compared with $532 million for the same period in 2016. Total first quarter revenues were $55.863 billion, a 45% increase from the first quarter of 2016.

The lubricants business reported an underlying replacement cost profit before interest and tax of $393 million for the first quarter, compared with $384 million for the same period in 2016.

In overall downstream segment, the replacement cost profit before interest and tax for the first quarter was $1,706 million, compared with $1,880 million for the same period in 2016. The first quarter includes a net non-operating charge of $76 million, compared with a net non-operating gain of $286 million for the same period in 2016. Fair value accounting effects had a favourable impact of $40 million in the first quarter, compared with an unfavourable impact of $219 million for the same period in 2016. After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before interest and tax for the first quarter was $1,742 million, compared with $1,813 million for the same period in 2016.

In the upstream segment, the replacement cost profit before interest and tax for the first quarter was $1,256 million, compared with a loss of $1,205 million for the same period in 2016. The first quarter included a net non-operating charge of $360 million, compared with a net non-operating charge of $355 million for the same period in 2016. Fair value accounting effects in the first quarter had a favourable impact of $246 million, compared with an unfavourable impact of $103 million in the same period of 2016. After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before interest and tax for the first quarter was $1,370 million, compared with a loss of $747 million for the same period in 2016.

Shell

Royal Dutch Shell last Thursday reported that first quarter 2017 earnings more than doubled compared to first quarter 206 earnings. Earnings on a current cost of supply basis (adjusted for changes in the value of inventories and excluding one-time items) rose to $3.75 billion from $1.55 billion in the same period last year. Net income jumped to $3.54 billion from $484 million. Revenue climbed 47.5% to $71.8 billion.

"Cash flow from operating activities of $9.5 billion and free cash flow of $5.2 billion enabled us to reduce debt, and cover our cash dividend for the third consecutive quarter," CEO Ben van Beurden said in the release. "We saw notable improvements in upstream and chemicals, which benefited from improved operational performance and better market conditions."

Profit from Shell's upstream operations was $540 million vs. a loss of 1,437 million a year ago and its refining and other downstream operations reported a 24% jump in earnings to $2.49 billion from 2.01 billion a year ago.

The previous week, ExxonMobil, Chevron and Phillips 66 all reported first quarter 2017 earnings. ExxonMobil announced earnings of $4 billion compared with $1.8 billion a year earlier. Chevron reported earnings of $2.7 billion compared with a loss of $725 million in the 2016 first quarter. Refiner Phillips 66 announced earnings of $535 million, compared with $163 million in the fourth quarter of 2016.


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