BP Report Profit Fall
Posted on: 29/04/2015

BP has reported a large fall in profits this week and have accused the current low oil prices and sanctions on Russia as being responsible.

The company have reported a sharp decline in underlying profits by 19 per cent within the last three months alone, operating at profits of only $2.58bn, a substantial fall from its 2014 equivalent of $3.2bn.

The current sanctions that have been imposed on Russia have certainly had an impact on BP, who own nearly 20 per cent of the Russian oil company Rosneft, whose own profits have decreased by more than 65 per cent over the course of the year.

However the company have argued that the biggest contributing factor to their profit falls was the low oil price that has been affecting the entire industry for several months now. The extremes of this were certainly shown in the first three months of 2015 when oil averaged out at $54 a barrel, an extreme low in comparison to the $108 per barrel in 2014.

In attempts to counter against these financial difficulties, BP has introduced a number of practices in order to cut costs, promising to cut project costs by 20 per cent over the next few months.

Bob Dudley, chief executive, said: “We are resetting and rebalancing BP to meet the challenges of a possible period of sustained lower prices. Our results today reflect both this weaker environment and the actions we are taking in response.

“We are continuing to progress our planned divestment programme, we are resting our level of capital spending, and we are addressing costs through focusing on simplification and efficiency throughout BP.”

BP is the first big company to announce their losses following oil price decline- click here to follow us on twitter and receive updates if other companies follow suit.

Vacancies By Email

Get There First With Vacancies By Email

Get specific job types, tailored to your requirements, sent straight to your inbox as soon as they are available. Register Now »

Latest Oil & Gas Jobs

Cost Engineer / Cost Controller Permanent | London, London, England | £40,000 Per Annum

We have an excellent opportunity for a Cost Controller to join a leading oil & gas company on a permanent basis in Greater London / Surrey.
Read More »

Expert Subsea Umbilicals Engineer Contract | Edinburgh, London, England | £550 Per Day

We are currently seeking an Expert Subsea Umbilical’s Engineer to join a specialist contractor within the Oil & Gas industry on a contract basis in London.
Read More »

Material and Corrosion Engineer Permanent | Kingston upon Thames, Surrey, England | £60,000 Per Annum

We have a brilliant opportunity for a Material and Corrosion Engineer to join a global leader in the Oil and Gas Industry on a permanent basis in Kingston.
Read More »

Risk Engineer Permanent | Kingston upon Thames, Surrey, England | £60,000 Per Annum

Due to an the award of new Projects, our client- a highly respected consultancy within the Oil and Gas sector- is seeking a Risk Engineer on a staff permanent basis, based in the South West London / Surrey area.
Read More »

Junior Project Manager Permanent | Kingston upon Thames, Surrey, England | £50,000 Per Annum

Due to an increased workload, our client- a highly respected consultancy within the Oil and Gas sector- is seeking a Junior Project Manager on a staff basis, based in Surrey.
Read More »