Peak oil

BP first quarter profits fall, but beat expectations

petrol prices

BP has seen its profits slip from last year (pic: Terry Murden)

Energy giant BP has reported a fall in profits for the first three months of the year, but stronger than markets expected.

Underlying replacement cost profit of $5 billion between January and March compared to $6.2bn in the same period last year. Analysts had forecast $4.3bn.

There have been further calls for higher windfall taxes on oil and gas companies and there has been criticism of BP for downwardly revising its emissions targets.

BP rewarded shareholders with a 6.6 cents per share dividend payment – up from 5.4 cents a year ago.

Ed Miliband, Labour’s Shadow Energy and Net Zero Secretary, said: “These enormous profits are the unearned, unexpected windfalls of war. And every excess pound that the energy giants rake in is at the expense of British families. 

“Yet after all this time, the Tory windfall tax is still full of get out clauses with billions being bunged at oil and gas companies in special subsidies not available in any other part of the energy sector. 

“Labour would be doing the fair and right thing and bring in a proper windfall tax on oil and gas giants to help freeze council tax this year.”

…more follows



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