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BP profit up 48 percent


Published Apr 29, 2008
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U.K.-based supermajor BP has bumped up first-quarter “replacement cost” profits 48 percent after a wave of housecleaning covered by a front of record-high oil prices.

The “replacement cost” result came to $6.49 billion after the value of the oil company’s standing inventories had been calculated away from its upstream costs.

Affecting the result was deferred tax payments in Russia and negative effects of production-sharing contracts around the world where more royalties were paid in bumper times.

Tags: BP North America



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