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BP takes a drop in profits

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BP reported that it’s profits have dropped to $3.2 billion (£1.9 billion) during the 1st quarter of 2014, which is down $1 billion (£600m) on the same period last year. However, it is a rise on the final quarter of 2013 when it made $2.8 billion (£1.7 billion).

Bob Dudley, BP Group Chief Executive said: “This is a very solid start to 2014. Operating cash flow was strong in the first quarter, we have seen further exploration success and upstream project start-ups and the upgraded Whiting refinery is ramping up steadily.

“We remain confident of delivering our 10-point plan targets that we set in 2011 for delivery in 2014.”

Part of the plan was to bump up operating cash flow by 50% per year between 2011 and 2014, which it has achieved.

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