| BP
earns record profit
Posted: 30 April 2003
BP’s first quarter pro forma result, adjusted for special
items, was a record $3,729 million compared with $1,582 million
a year ago, an increase of 136%. The result per ADS exceeds $1.00
for the first time. Replacement cost profit before exceptional items
for the quarter was $3,128 million compared with $924 million a
year ago.
The first quarter trading environment was significantly more favourable
than a year ago for both Exploration and Production and Refining
and Marketing.
Improved volumes and cost efficiencies are reflected in the first
quarter results.
Net cash inflow for the quarter was $3.2 billion compared with
an outflow of $2.4 billion a year ago, reflecting higher cash flow
from operating activities, higher disposal proceeds and lower acquisitions.
Net cash flow from operating activities was $6.0 billion compared
with $3.6 billion a year ago.
The pro forma ratio of net debt to net debt plus equity was 24%
at the end of the quarter.
Return on average capital employed for the quarter, on a pro forma
basis adjusted for special items, was 20%, compared with 10% a year
ago.
The quarterly dividend is 6.25 cents per share ($0.375 per ADS)
compared with 5.75 cents per share a year ago, an increase of 8.7%.
In sterling terms, the quarterly dividend is 3.947 pence per share
compared with 4.051 pence per share a year ago, a decrease of 2.6%.
The company repurchased for cancellation 155 million of its own
shares during the quarter, at a cost of $999 million.
BP Group Chief Executive, Lord Browne, said: "This is a strong
quarterly result. Strategy continues to be implemented with growth
on track and strong performance delivery. Cash flow is robust, providing
the opportunity for a good shareholder return through dividends
and share buybacks."
The pro forma result, adjusted for special items, has been derived
from the group’s reported UK GAAP accounting information but
is not in itself a recognized UK or US GAAP measure.
This financial performance information and measures derived there
from, shown above and elsewhere in the document, are provided in
order to enable investors to evaluate better both BP’s current
performance, in the context of past performance, and its performance
against that of its competitors.
Posted by Richard Price,
Editor Pipeline Magazine
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