BP sees lower earnings in 2015; keeps divestment track
BP said in a statement published April 28 that during the first quarter of 2015 it earned $2.6 billion compared with $3.2 billion for the same period in 2014 adding that in this current environment it is keeping its plans to continue to divest.
“We are resetting and rebalancing BP to meet the challenges of a possible period of sustained lower prices. Our results today reflect both this weaker environment and the actions we are taking in response,” said Bob Dudley, BP group chief executive.
“We are continuing to progress our planned divestment programme, we are resetting our level of capital spending, and we are addressing costs through focusing on simplification and efficiency throughout BP,” he added.
BP said it remains on track to divest a further $10 billion of assets by the end of 2015. This total has now reached $7.1 billion, including the agreement to sell BP’s interest in the CATS business in the UK North Sea, announced last week.
