27 April 2011 07:34 [Source: ICIS news]
SINGAPORE (ICIS)--UK’s oil giant BP reported on Wednesday a near-tripling of replacement cost profit at its refining and marketing operations to $2.08bn (€1.41bn) in the first quarter of 2011 on the back of improved refining environment.
The segment’s pre-tax profit surged more than threefold to $4.37bn from $1.41bn in the first quarter of 2010, BP said in a statement.
“In the international businesses, strong operational performance in our petrochemicals business has enabled us to benefit from the favourable margin environment and lubricants continued to deliver earnings growth,” the company said.
The second quarter, however, may see weaker contribution from supply and trading, with some softening in petrochemical margins, BP said.
“In March, BP announced that it had agreed to sell a package of 33 refined products terminals and 992 miles of pipelines across 13 states in the ?xml:namespace>
Meanwhile, BP’s overall replacement cost profit in the first quarter slipped 2.1% year on year to $5.48bn, as it recognised a $400m pre-tax charge related to the
The company takes into account inventory holding gains or losses, as well as taxes, in the computation of replacement cost profit.
In the March quarter, BP booked $1.64bn in inventory holding losses, which were deducted from the net profit of $7.12bn.
($1 = €0.68)
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