BP PLC

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PRESS RELEASE: BP p.l.c. Group results - First -4-

04/27/2021 | 04:17am

in connection with our participation in the UK Round 4 Offshore Wind Leasing together with our partner EnBW.

                                      First    Fourth   First 
                                      quarter  quarter  quarter 
                                      2021     2020     2020 
Production (net of royalties)[(c)] 
Liquids* (mb/d)                       112      98       96 
Natural gas (mmcf/d)                  4,623    4,049    4,665 
Total hydrocarbons* (mboe/d)          909      100%      900 
 
Average realizations*[(d)] 
Liquids (USD/bbl)                       55.38    36.51    45.70 
Natural gas (USD/mcf)                   3.94     3.37     3.51 
Total hydrocarbons* (USD/boe)           26.84    21.27    23.30   . (c)Includes bp's share of production of equity-accounted entities in the gas & low carbon energy segment.   . (d) Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities. 
                                                            First   Fourth  First 
                                                            quarter quarter quarter 
low carbon energy                                           2021    2020    2020 
 
Renewables (bp net, GW) 
Installed renewables capacity*                              1.6     1.5     1.1 
 
Developed renewables to FID*                                3.3     3.3     2.7 
Renewables pipeline                                         13.8    10.9 
of which by geographical area: 
Renewables pipeline - Americas                              7.3     6.3 
Renewables pipeline - Asia Pacific                          1.4     0.8 
Renewables pipeline - Europe                                5.1     3.7 
Renewables pipeline - Other                                 -       0.1 
of which by technology: 
Renewables pipeline - offshore wind                         3.7     2.2 
Renewables pipeline - solar                                 10.1    8.7 
Total Developed renewables to FID and Renewables pipeline   17.1    14.1 Top of page 8 oil production & operations Financial results   . The replacement cost profit before interest and tax for the first quarter was USD1,479 million, compared with a loss 

of USD179 million for the same period in 2020. The first quarter included a net adjusting charge of USD86 million,

compared with a net adjusting charge of USD1,074 million for the same period in 2020. . After excluding adjusting items*, the underlying replacement cost profit* before interest and tax for the first

quarter was USD1,565 million, compared with USD895 million for the same period in 2020. . The result for the first quarter mainly reflects higher liquids and gas realizations and lower depreciation,

depletion and amortization, partly offset by lower production. Operational update . Production for the quarter was 1,309mboe/d, 22.1% lower than the first quarter of 2020. This includes the impact of

divestments, mainly in bpx energy and Alaska. Underlying production* for the quarter decreased by 7.4% mainly due

to impacts from reduced capital investment levels and decline. Strategic progress . On 5 April, bp signed an agreement to transfer its participating interests in six blocks located in Foz do Amazonas

basin off northern Brazil to Petróleo Brasileiro S.A. (Petrobras). Subject to regulatory approval, the transaction

is expected to complete in 2021. . On 12 April, bp announced the safe arrival in Texas US of the Argos floating production platform, a major milestone

for the Mad Dog 2 project in the deepwater Gulf of Mexico. While?in Texas, Argos will undergo final preparatory

work and regulatory?inspections before moving offshore (bp operator 60.5%, BHP 23.9%, Union Oil Company of

California 15.6%). . On 13 April, bp announced an oil discovery in a high-quality Miocene reservoir at the Puma West prospect in the US

deepwater Gulf of Mexico. Evaluation is ongoing (bp operator 50%, Chevron U.S.A. Inc. 25%, Talos Energy 25%).

                                                     First    Fourth  First 
                                                     quarter  quarter quarter 
USD million                                            2021     2020    2020 
Profit (loss) before interest and tax                1,494    76      (238) 
Inventory holding (gains) losses*                    (15)     (10)    59 
RC profit (loss) before interest and tax             1,479    66      (179) 
Net (favourable) adverse impact of adjusting items   86       497     1,074 
Underlying RC profit before interest and tax         1,565    563     895 
Taxation on an underlying RC basis                   (729)    (275)   (503) 
Underlying RC profit before interest                 836      288     392 
                                                 First    Fourth   First 
                                                 quarter  quarter  quarter 
USD million                                        2021     2020     2020 
Depreciation, depletion and amortization 
Total depreciation, depletion and amortization   1,574    1,786    2,117 
 
Exploration write-offs 
Exploration write-offs                           56       112      95 
 
Adjusted EBITDA* 
Total adjusted EBITDA                            3,195    2,461    3,107 
 
Capital expenditure* 
Total capital expenditure                        1,319    1,133    1,960 Top of page 9 oil production & operations (continued) 
                                      First    Fourth   First 
                                      quarter  quarter  quarter 
                                      2021     2020     2020 
Production (net of royalties)[(a)] 
Liquids* (mb/d)                       997      1,021    1,211 
Natural gas (mmcf/d)                  1,810    1,962    2,723 
Total hydrocarbons* (mboe/d)          1,309    1,359    1,679 
 
Average realizations*[(b)] 
Liquids (USD/bbl)                       52.92    38.58    47.64 
Natural gas (USD/mcf)                   4.11     2.38     1.44 
Total hydrocarbons* (USD/boe)           46.81    33.18    37.10   . (a) Includes bp's share of production of equity-accounted entities in the oil production & operations segment.   . (b) Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities. Top of page 10 customers & products Financial results   . The replacement cost profit before interest and tax for the first quarter was USD934 million, compared with USD664 

million for the same period in 2020. The first quarter included a net adjusting gain of USD278 million, compared with

a net charge of USD257 million for the same period in 2020. . After excluding adjusting items*, the underlying replacement cost profit* before interest and tax for the first

quarter was USD656 million, compared with USD921 million for the same period in 2020. . The customers & products result for the quarter reflects a weaker refining result, the absence of earnings from our

divested petrochemicals business, a continued strong performance from our marketing businesses and a stronger

contribution from trading. . customers - convenience and mobility results demonstrated continued resilience, delivering material profit despite

demand impacts from ongoing COVID-19 restrictions, with retail fuel volumes lower by 9% and aviation volumes lower

by 45% compared to the same period last year. Convenience performance continued to show strong momentum, with

convenience gross margin* growing by more than 10% year on year (see page 30). Castrol results were also strong, higher than the same period in 2020, with volumes, revenues and growth markets earnings materially higher. . products - the refining loss for the quarter reflects a materially weaker realized margin which was impacted by

narrower North American heavy crude oil discounts, increased cost of renewable fuel credits in the US and weaker

diesel prices. The result for the quarter also reflected a stronger contribution from trading. Operational update . For the quarter bp-operated refining availability* remained strong at 94.8%, although utilization was around 6%

lower than the same period in 2020, in part due to COVID-19 impacts on demand. The utilization result was higher

than the fourth quarter 2020. Strategic progress . We continued to progress our strategic agenda in redefining convenience, adding further strategic convenience

sites* to our network, supporting a material and resilient convenience performance. . We also made strong progress in our electrification agenda, announcing further plans to accelerate the development,

reach and utilization of our network:

? agreed to take a stake alongside Daimler and BMW in Digital Charging Solutions (DCS), a leading developer of

digital charging software for automotive manufacturers and fleet operators. As part of the agreement, bp's

European charging network of 8,700 charging points will be integrated into the DCS software system, which

already has a network of 228,000 charging points in 32 countries. Completion of the transaction is subject to

regulatory approvals.

? bp pulse announced the rollout of new EV-only ultra-fast charging hubs, supporting the expansion of its

charging network across the UK. . Castrol launched a range of advanced e-fluids, Castrol ON, designed for improved electric vehicle performance, with

more than half of the world's major vehicle manufacturers[(a)] now using them as part of their factory fill. . In February we received the final instalment of USD1 billion for the sale of our petrochemicals business to INEOS. . During the quarter, we also safely ceased production at our Kwinana refinery in preparation to convert it to an

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