The first quarter replacement cost profit was $5.59bn, an increase of 135%, compared to $2.38bn in the prior year quarter. Production for the quarter was 4,010mboe/d, broadly flat with the first quarter of last year.
Two major projects started up during the first quarter. In the ultra-deepwater Gulf of Mexico, first oil was achieved from the Great White field (BP 33.3%). In Canada, the Noel major project commenced exporting and selling gas.
After the end of the quarter, BP agreed with Total to acquire its 15.7% interest in Valhall and its 25% interest in Hod, both fields located in the southern part of the Norwegian continental shelf, for the sum of $991m to be paid in cash.
Refining throughput increased by over 8% compared with the same quarter last year, principally driven by increased throughputs in its US refineries.
In Alternative Energy, BP’s solar business achieved sales of 54MW in the first quarter. In March, BP Solar revealed the closure of manufacturing at its Frederick facility, in Maryland, US, as it moves its manufacturing to lower-cost locations. BP Solar will maintain its US presence in sales and marketing, research and technology, project development, and key business support activities.
In US wind business, construction has commenced at the 125MW Goshen North wind farm (BP 50%) in Bonneville County, Idaho. BP’s net wind generation capacity at the end of the first quarter was 711MW (1,237MWgross), compared with 678MW (1,113MW gross) at the end of the same period a year ago.
