BP sees profits climb in Q1

BP has reported an uptick in profits in the first quarter, although profits fell 9% compared to Q1 2012 as the group continues to sell off assets to pay for the Gulf of Mexico oil spill.

In its Q1 results, released today, the firm reported underlying replacement cost profit of $4.2bn, compared to $3.9bn in the fourth quarter and $4.7bn in the first quarter of 2012. This was better than analysts' forecasts of a hefty fall in profits of up to $1bn. Operating cashflow in the quarter was $4bn compared with $3.4bn in the first quarter of 2012. BP will pay a quarterly dividend of 9 cents a share in June. It will initiate a share buyback programme which will take place over the next 12-18 months. As of 26 April, BP had bought back 120 million shares for a total amount of ...