Oil giant BP out with their Q1 2016 earnings results 26 April
- in the event of continued low oil prices sees fliexibility of capex to move to $15-17bln in 2017 vs $17-19bln forecast for 2016
- currently anticipate being able to achieve rebalance 2017 organic sources and uses of cash at oil prices of between $50-55 per barrel vs $60 prev forecast
- expect Q2 to see a significantly higher level of turnaround activity, particularly in US
- Q1 losses of $485m vs +$2.1bln Q1 2015
- EPS $10 cents unchanged vs prev
- Q1 adj net income $532m vs -$244.9m
- adj upstream loss before tax/interest $747m
- adj downstream profit before interest/tax $1.8bln
Chief Executive Bob Dudley said he expected crude prices to recover towards the end of the year as producers halt work on fields and fuel demand remains robust.
"Market fundamentals continue to suggest that the combination of robust demand and weak supply growth will move global oil markets closer into balance by the end of the year"
BP trying to sound upbeat despite the dismal Q1 loss, albeit understandable given the collapse in oil prices.
