The British oil company BP registered losses of 20,384 million dollars (19,376 million euros) in the first quarter of 2022, compared to the attributed net profit of 4,667 million dollars (4,436 million euros) recorded in the same period of the previous year, according to the company reported.
BP’s accounts between January and March 2022 reflect an adverse impact of 30,800 million dollars (29,278 million euros), mainly as a result of the disposal of the 19.75% that it controlled in the Russian Rosneft and its exit from the Russian market , with a negative effect of 24,000 million dollars (22,814 million euros).
However, BP’s underlying result adjusted for replacement costs reached 6,245 million dollars (2,630 million euros) in the first quarter of the year , 137% above the 2,630 million dollars (2,500 million euros) earned a year before.
BP’s income between January and March totaled 51,220 million dollars (48,689 million euros), 40.3% more than in the first quarter of 2021, driven by the rise in crude oil prices.
On the other hand, the oil company reported that in the first quarter of the year it managed to reduce its net debt by 17.5% year-on-year, to 27,457 million dollars (26,100 million euros).
“Our decision to exit our shareholding in Rosneft resulted in the significant non-cash charges and loss that we are reporting today. But it has not changed our strategy, financial framework or shareholder distribution expectations,” said Bernard Looney. , CEO of the company.
In this sense, BP reported that in the first three months of the year it generated a cash flow surplus of 4,100 million dollars (3,897 million euros) , after which it plans to execute a plan to buy back its own shares of 2,500 million dollars (2,376 million euros) before the publication of their accounts for the second quarter.