LONDON – BP's sale of its Russian joint venture helped boost its first-quarter replacement cost profits to $16.5 billion, more than triple the $4.7 billion for the same period last year.
The jump Tuesday reflects the oil giant's one-off gain from the sale of its stake in TNK-BP. The replacement cost figure omits gains or losses in inventories, making it similar to net profit figures used by U.S. oil companies. BP's non-replacement cost net profit was $16.6 billion against $5.7 billion this time last year.
Group CEO Bob Dudley says the results "demonstrate the progress BP is making in delivering the performance milestones."
BP announced last month that it was buying back $8 billion of shares using money from the sale of TNK-BP to Rosneft.