BP Reports Massive Loss in Q1 After Withdrawing Stake in Russia's Rosneft
11:16 GMT 03.05.2022 (Updated: 14:20 GMT 15.11.2022)
© AP Photo / Charles DharapakFILE - In this Oct. 25, 2007 file photo, the BP (British Petroleum) logo is seen at a gas station in Washington. BP will spend $7 billion to buy exploration rights to areas in the Gulf of Mexico, offshore Brazil and Canada owned by Devon Energy
© AP Photo / Charles Dharapak
MOSCOW (Sputnik) - UK oil and gas company BP announced on Tuesday that it lost more than $20 billion in the first quarter of 2022, mostly due its divestment from the Russian energy giant Rosneft.
"Loss attributable to bp shareholders in the first quarter was $20.4 billion compared with a profit of $4.7 billion in the first quarter of 2021," BP said in the Q1 2022 financial report, adding that its decision to exit its 19.75% shareholding in Rosneft and other businesses with Rosneft in Russia resulted in the loss of $1.5 billion and $24 billion in pre-tax charges.
At the same time, the company noted that its operating cash flow in the first quarter grew from $6.1 billion to $8.2 billion compared to last year.
"Underlying replacement cost profit was $6.2 billion, compared with $4.1 billion for the previous quarter. This was driven by exceptional oil and gas trading, higher oil realizations and a stronger refining result, partly offset by the absence of Rosneft from the first quarter underlying result," the statement read.
The company's oil production for the first quarter is reported to be 1,286 thousand barrels of oil equivalent per day, which is 1.7% lower last year.