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| BP profits helped by higher oil prices | BP profits helped by higher oil prices |
| (35 minutes later) | |
| The recent increase in oil prices has helped BP to record a healthy profit for the three months to March. | The recent increase in oil prices has helped BP to record a healthy profit for the three months to March. |
| The $1.4bn (£1.1bn) profit, on the replacement cost measure, compared with a $485m loss a year earlier. | The $1.4bn (£1.1bn) profit, on the replacement cost measure, compared with a $485m loss a year earlier. |
| Oil prices have been about 35% higher in the first three months of 2017 compared with a year earlier, boosting revenue from BP's core oil and gas production division. | |
| BP chief executive Bob Dudley said: "Our year has started well." | BP chief executive Bob Dudley said: "Our year has started well." |
| He added: "BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust." | He added: "BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust." |
| Underlying replacement cost profit - the company's preferred measure - was $1.5bn compared with $532m a year ago. | |
| And operating cash flow rose to $4.4bn from $3bn a year earlier | |
| Reported oil and gas production was 5% higher than same period in 2016. | |
| BP held the quarterly dividend at 10 cents,. Given the size of BP, the payout is watched closely by investors. | |
| The London-based giant is set to begin eight projects this year - including in Oman and Azerbaijan - the largest number in its history in a year. | |
| Meanwhile, it hopes to add 800,000 barrels a day of new production by the end of the decade. | |
| "Rising production from new upstream projects is expected to drive a material improvement in operating cash flow from the second half of 2017," BP said in its results statement. |